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Structural Dynamics and Economic Growth (Hardcover, New)
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Structural Dynamics and Economic Growth (Hardcover, New)
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Ever since Adam Smith, economists have been preoccupied with the
puzzle of economic growth. The standard mainstream models of
economic growth were and often still are based either on
assumptions of diminishing returns on capital with technological
innovation or on endogenous dynamics combined with a corresponding
technological and institutional setting. An alternative model of
economic growth emerged from the Cambridge School of Keynesian
economists in the 1950s and 1960s. This model - developed mainly by
Luigi Pasinetti - emphasizes the importance of demand, human
learning and the growth dynamics of industrial systems. Finally, in
the past decade, new mainstream models have emerged incorporating
technology or demand-based structural change and extending the
notion of balanced growth. This collection of essays reassesses
Pasinetti's theory of structural dynamics in the context of these
recent developments, with contributions from economists writing in
both the mainstream and the Cambridge Keynesian traditions and
including Luigi Pasinetti, William Baumol, Geoffrey Harcourt and
Nobel laureate Robert Solow.
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