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Books > Business & Economics > Economics > International economics > International trade
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Ricardo's Theory of Growth and Accumulation - A Modern View (Hardcover)
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Ricardo's Theory of Growth and Accumulation - A Modern View (Hardcover)
Series: The Graz Schumpeter Lectures
Expected to ship within 9 - 15 working days
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In the aftermath of the Napoleonic Wars Britain found itself faced
with a stagnant economy. Economist David Ricardo believed that the
full re-integration of Britain into the world market would allow
for both capital accumulation and population growth, and used
arguments that anticipate ideas entertained in modern contributions
to the theory of economic growth and development. However, several
of these arguments have not yet been translated into the language
of modern classical economics. Ricardo's Theory of Growth and
Accumulation seeks to overcome this striking lacuna. The latest
entry in the Graz Schumpeter lecture series, this text explores and
elaborates Ricardo's arguments and the models utilized by those who
subsequently followed in support of his work. The Ricardian system
is first examined through a one-sector economy, following Kaldor's
model, and a two-sector economy, following Pasinetti's model. These
building blocks are developed through the exploration of a small
open economy, which allows an analysis of the impact of
international trade in exceedingly simple circumstances. This
discussion expands further by considering the world economy. More
sophisticated variants of the two-sector model are presented, in
which commodity prices are endogenously determined by the trading
interplay amongst several countries. A final analysis makes
Ricardo's case by introducing accumulation in the world economy.
This book is of interest to students and scholars of Ricardo,
classical economics, and - more broadly - growth theory, the theory
of international economics, and globalization. The author was keen
to render the analytical parts compelling to the historian and the
historical parts compelling to the theorist.
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