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The Foundations of Non-Equilibrium Economics - The principle of circular and cumulative causation (Paperback)
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The Foundations of Non-Equilibrium Economics - The principle of circular and cumulative causation (Paperback)
Series: Routledge Advances in Heterodox Economics
Expected to ship within 12 - 17 working days
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This thought-provoking volume presents essays on the foundations of
non-equilibrium economics, i.e. the principle of circular
cumulative causation (CCC). This work presents empirical research
on how the interplay of technology's increasing returns to scale,
institutions, resources, and economic policy leads to virtuous
circles of economic growth and development, but also to vicious
circles of social and ecological degradation. In particular,
evidence is provided for the important role of the "development
state" and strategic trade policy, economies of large-scale
production in manufacturing, the regional level of development and
community-based resource management regimes. While demonstrating
CCC's strength in generating empirical research, the book also
provides insights into its philosophical foundations and
intellectual history. Several essays trace the roots of this
full-fledged theoretical framework back to Adam Smith, Classical
Political Economy, Thorstein Veblen, Gunnar Myrdal, K. William Kapp
and Nicholas Kaldor. As the most comprehensive collection of the
growing body of CCC research to date, this book also reflects the
emergence of an economic paradigm for understanding economic
dynamics and for crafting viable development strategies for the
21st century. The volume will be of great interest to scholars of
growth and development economics, institutional and evolutionary
economics, political economy, and Post Keynesian economics from
undergraduate to postgraduate research levels.
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