First published in 1981 this book presents an original theoretical
treatment of the problems of maintaining full employment in a
multisector economic system with a growing population and different
rates of technical progress in different sectors. The conditions
for full employment and full capacity utilisation are examined when
prices are stable and when there is inflation. This approach is
carried out, not in terms of input-output relations, as has become
customary in multisector models, but rather in terms of vertically
integrated sectors. This makes it possible to analyse the economic
growth process in terms of the structural dynamics of production,
of prices and of employment. Remarkable implications are drawn for
a surprisingly large number of theoretical problems, which have
been under discussion since Adam Smith: from price theory to the
theory of rates of profit and the rates of interest; from
production theory to the theories of fluctuating growth,
ever-changing composition of output, choice of technique and
international trade.
General
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