Bearing on fundamental issues of economic theory, history, and
public policy, this volume elaborates and goes beyond themes
enunciated in W. W. Rostow's previous works. The eight essays
presented here are unified by the author's insistence that
neo-Keynesian and neoclassical theory are an inadequate basis for
economic analysis and policy prescription. Changes in technology
and in the supply of energy, food, and raw materials, he contends,
must be taken into account. The scale and character of the
investments required to respond to these changes link his analysis
back to conventional income analysis. Rostow outlines in several
contexts the framework for a general, disaggregated theory of
production and prices that meets this criterion.
The theoretical and historical essays include a review and
unification of various long-cycle theories; a formal mathematical
model of the Kondratieff cycle; a review of theories relating
technology and the price system, including Rostow's own formulation
of the appropriate linkage; a lengthy analysis of the pre-1914
relation between money and prices, including a detailed critique of
modern monetarist interpretations; and an analysis of the
proposition that economic growth assumes an S-shaped path of
acceleration and deceleration.
The policy essays include an examination of the links between
energy-related investment, full employment, and patterns of
regional development in the United States; the discussion of an
appropriate framework and procedure for North-South international
economic negotiations; and the text of a 1965 talk on inflation
that touches on the relations among economics, economists, and the
performance of societies as a whole.
General
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