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This important new book brings together a significant body of new
essays on some of the central economic problems facing governments,
firms and individuals in the 1990s. Under the direction of Paul
Davidson and Jan Kregel, an international group of distinguished
economists provide new perspectives on key issues including
employment, corporate and work place restructuring, economic growth
and development, financial integration and transformation of the
former command economies. Combining rigorous scholarly assessments
of the issues with policy prescription, the contributors seek to
provide solutions to the problem of providing full employment, to
identify the factors determining the expansion of the economy, and
to analyse the impact of financial markets, financial derivatives
and international regulations on domestic and global economic
performance. Employment, Growth and Finance will be welcomed by all
those interested in the solutions to international economic
problems being developed by post Keynesian economists.
A controversy among economists has raged in the pages of
professional journals for the last decade. The debate concerns
capital theory and distribution theory, as well as interpretation
of models of long-run economic growth. This book is an attempt to
integrate recent developments in capital theory and show their
implications for models of long-run economic growth in mature
capitalistic countries.
This book first presents the von Neumann model and outlines its
classical approach to the rate of profits and distribution.
Sraffa's resolution of the value-price transformation problem is
then presented and compared with Samuelson's "Surrogate Production
Function." With the results of this comparison and the delineation
of the special case in which the "Surrogate" is valid, several
existing models of growth are set out in two representative groups.
Neoclassical models form the first group. These are defined by
their reliance on marginal theory to determine factor prices, the
rate of profit and therefore distribution via the perfectly
differentiable production function. Models of Meade, Tobin, Solow,
and Samuelson- Modigliani are outlined and analyzed for their
treatment and distribution and profits theory. The second group is
comprised of models within the strict Keynesian tradition. The
basic groundwork of these models as found in the work of Keynes and
Kalecki is first cited. The Keynesian models are characterized by
their assumption that the investment decision is totally
independent of savings decisions in the economy. The models of
Harrod, Kaldor, Pasinetti and Joan Robinson are presented and their
method of approach to the rate of profits and distribution is
analyzed.
The concluding chapter focuses on some criticisms brought against
the Keynesian models and offers some generalized formulations to
deal with these neoclassical objections. General conclusions follow
the treatment of each representative group and author.
"Dr. J.A. Kregel" is professor of economics at the Universit degli
Studi di Bologna as well as an adjunct professor in economics at
John Hopkins University Paul Nitze School of Advanced International
Studies. He is Chief of Policy Analysis and Development at the
Financing for Development Office at the United Nations department
of economic and Social Affairs and he is a member of the Scientific
Advisory Boards in Rome at the Italian International Economic
Center.
A controversy among economists has raged in the pages of
professional journals for the last decade. The debate concerns
capital theory and distribution theory, as well as interpretation
of models of long-run economic growth. This book is an attempt to
integrate recent developments in capital theory and show their
implications for models of long-run economic growth in mature
capitalistic countries. This book first presents the von Neumann
model and outlines its classical approach to the rate of profits
and distribution. Sraffa's resolution of the value-price
transformation problem is then presented and compared with
Samuelson's "Surrogate Production Function". With the results of
this comparison and the delineation of the special case in which
the "Surrogate" is valid, several existing models of growth are set
out in two representative groups. Neoclassical models form the
first group. These are defined by their reliance on marginal theory
to determine factor prices, the rate of profit and therefore
distribution via the perfectly differentiable production function.
Models of Meade, Tobin, Solow, and Samuelson- Modigliani are
outlined and analyzed for their treatment and distribution and
profits theory. The second group is comprised of models within the
strict Keynesian tradition. The basic groundwork of these models as
found in the work of Keynes and Kalecki is first cited. The
Keynesian models are characterized by their assumption that the
investment decision is totally independent of savings decisions in
the economy. The models of Harrod, Kaldor, Pasinetti and Joan
Robinson are presented and their method of approach to the rate of
profits and distribution is analyzed. The concluding chapter
focuses on some criticisms brought against the Keynesian models and
offers some generalized formulations to deal with these
neoclassical objections. General conclusions follow the treatment
of each representative group and author.
A collection of essays based on the theories of Sidney Weintraub,
economic theorist and policy-maker. They all touch on the main
theme of crucial importance he accorded to inflation and income
distribution in understanding the process of development of
capitalism.
This is a collection of essays by distinguished economists in which
they recollect aspects of their research work. They are linked by a
common theme - their involvement in government and business. The
essays cover a wide range of subjects including microeconomics and
development economics.
In the mid-1980s the world's industrialised economies entered their
second decade of stagnant growth and mass unemployment paralleled
only by the Great Slump. Neo-conservative policies, which replaced
traditional Keynesian remedies, have been no more successful in
halting the inexorable increase in unemployment: the stigma of
failure to deal with unemployment has touched governments of all
political extractions from Conservative to Liberal to
Social-Democratic. New perspectives on the unemployment problem are
needed and this book provides them.
In the mid-1980s the world's industrialised economies entered their
second decade of stagnant growth and mass unemployment paralleled
only by the Great Slump. Neo-conservative policies, which replaced
traditional Keynesian remedies, have been no more successful in
halting the inexorable increase in unemployment: the stigma of
failure to deal with unemployment has touched governments of all
political extractions from Conservative to Liberal to
Social-Democratic. New perspectives on the unemployment problem are
needed and this book provides them.
There is a controversy among economists that has raged in the pages
of professional journals. The debate concerns capital theory and
distribution theory, as well as interpretation of models of
long-run economic growth. This book is an attempt to integrate
developments in capital theory and show their implications for
models of long-run economic growth in mature capitalistic
countries.
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