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Growth Theory in Historical Perspective is a collection of thirteen
carefully selected essays by Theo van de Klundert which demonstrate
the development of growth theory over the past forty years. The
sequence of chapters reveals the shifts in focus which have
occurred since the first formal growth models of the 1940s and
1950s. He illustrates how the Keynesian paradigm was replaced by
neo-classical models, which in turn have been superseded by
theories of endogenous technical progress, the focus of growth
theory in the 1990s. The author explains how the theory of economic
growth is strongly shaped by ideas developed in the past. To this
extent the book provides a comprehensive overview of the
fundamentals of growth theory and develops important modern themes
such as firm-specific research and development and the relationship
between growth and international trade. Moreover, several of the
chapters explore themes which, in the author's view, have been
unfairly neglected in recent writings on the theory of growth.
These include the role of demand factors, vintage models and issues
of distribution, which he believes can still contribute to the
current thinking on growth theory. By balancing insights from old
and new theories of economic growth, this comprehensive book should
prove fascinating reading for students, researchers and scholars of
growth theory.
This is a well-structured book on a complex question that has been
relevant for centuries leading up to the actual crisis in the EU
and the international financial markets. The book offers a rich
picture of empirics, and discusses, explains and criticizes a
number of classical theories in the field (Marx, Schumpeter,
Polanyi), as well as modern theories (Greif, North et al.,
Acemoglu, Perez and others). The familiar topics of property
rights, technological development and long waves are presented in
an illuminating way, whereas a number of new topics including open
and limited access societies, hyper globalization, and the European
Union are viewed in a broad perspective of 'political economy' and
'institutional economics'. The limitations of neoclassical
economics are well presented as are the benefits (and costs) of
political economy.' - John Groenewegen, Delft University of
Technology, the Netherlands'This book is a very coherent and
up-to-date work. It presents a clear and sophisticated view on the
role of economic institutions and aspects of political economy in
the process of modern economic growth. The author demonstrates
significant originality in combining insights from different
sub-fields to successfully understand economic growth and the
distribution of income in the economy. It will be a rich source of
ideas for anyone interested in how the modern world, and various
countries and regions in particular, attained high levels of
economic welfare.' - Sjak Smulders, Tilburg University, the
Netherlands Capitalism is driven by technological revolutions,
leading to alternating periods of regulation and deregulation in
leading economies. Technologically backward countries face a
different situation as they have to catch up with the leaders.
Against this backdrop, Theo van de Klundert examines the
relationship between capitalism and democracy, combining economic
theory and historical description to analyse long-run economic
development. Emphasis is placed on the interrelation between
economic and political power, and a robust state-of-the-art
overview of today's political economy is presented. The author
addresses two fundamental questions raised in the analysis of the
relationship between capitalism and democracy. Firstly, he explores
why capitalism in leading economies is characterized by alternating
periods of regulation and deregulation, and secondly, whether
developing countries can opt for different types of capitalism once
the potential for catching up with developed countries has expired.
The consequences of a shift in the balance of power in the global
economy are also considered in detail. Broad in scope and employing
various methodological approaches, this book will prove a
fascinating read for academics, students and researchers in the
fields of economics and heterodox economics. Contents: Preface
Introduction Part I: Economic Theory in a Historical Perspective 1.
Emerging Markets 2. Political Economy Revisited 3. Engines of
Growth 4. Follow the Leader Part II: Historical Developments in a
Theoretical Perspective 5. The Long Wave 6. A Tale of Two
Continents 7. The World Economy at Large 8. Democracy at Bay
References Index
Over the last decade or so, applied general equilibrium models have
rapidly become a major tool for policy advice on issues regarding
allocation and efficiency, most notably taxes and tariffs. This
reflects the power of the general equilibrium approach to
allocative questions and the capability of today's applied models
to come up with realistic answers. However, it by no means implies
that the theoretical, practical and empirical problems faced by
researchers in applied modelling have all been solved in a
satisfactory way. Rather, a promising field of research has been
opened up, inviting theorists and practitioners to further explore
and exploit its potential. The state of the art in applied general
equilibrium modelling is reflected in this volume. The introductory
Chapter (Part I) evaluates the use of economic modelling to address
policy questions, and discusses the advantages and disadvantages of
applied general equilibrium models. Three substantive issues are
dealt with in Chapters 2-8: Tax Reform and Capital (Part II),
Intertemporal Aspects and Expectations (Part III), and Taxes and
the Labour Market (Part IV). While all parts contain results
relevant for economic policy, it is clear that theory and
applications for these areas are in different stages of
development. We hope that this book will bring inspiration, insight
and information to researchers, students and policy advisors.
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