Controversies in Modern Economic Growth and Capital Theory PDF Download

Author: Marin Muzhani
Publisher:
ISBN: 9781604977080
Category : Business & Economics
Languages : en
Pages :

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Author: G. C. Harcourt
Publisher: Cambridge University Press
ISBN: 9780521082945
Category : Business & Economics
Languages : en
Pages : 292

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Capital theory traditionally spans two major compartments of economic theory: the theory of production of both individual products and the total product, and the theory of the distribution of the aggregate product between the different classes of capitalist society. It has always been controversial, partly because the subject matter is difficult and partly because rival ideologies and value systems impinge directly on the subject matter. In the present book the various topics associated with the exchanges between the 'neo-Keynesians' and the 'neo-neoclassicals' are discussed and evaluated. The topics include the measurement of capital, the revival of interest in Irving Fisher's rate of return on investment, the double-switching debate, Sraffa's prelude to a critique of neoclassical theory, and the 'new' theories of the rate of profits in capitalist society.

Author: John N. Smithin
Publisher: Edward Elgar Publishing
ISBN: 9781781957998
Category : Business & Economics
Languages : en
Pages : 236

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'John Smithin's erudite and eloquent Controversies in Monetary Economics (now in a revised second edition) reminds us that a cashless economy is by no means a moneyless economy. Drawing on Keynes's concept of monetary production and on the later work of Sir John Hicks, Smithin argues persuasively for the continuing central importance of money in understanding interest rate determination and economic fluctuations. This insightful book illuminates the role of monetary policy, notably within the European Monetary Union.' - Robert W. Dimand, Brock University, Canada 'This book provides an excellent overview of the controversies that have driven debate about monetary theory and policy over the last two centuries. I highly recommend the book for use in advanced undergraduate or graduate courses. This new edition revises and updates some of the arguments, with some additional treatment of orthodoxy so that it can serve as a stand-alone text in monetary theory courses.' - L. Randall Wray, University of Missouri, US 'John Smithin is one of the deepest thinkers writing today about monetary matters in modern economics. Not only has he a thorough and full knowledge of past contributions, he is also an original thinker in his own right. The processes he depicts at work in modern economies are immediately recognisable and make good sense. He allies his theoretical understanding with advocacy of wise and humane policies. In John Smithin's writings the spirits of Keynes and Hicks live on, with also, dare I say it, the insights of Marx about the relationship between the real and the monetary in capitalism. Any student brought up on Smithin's clear and lucid accounts of controversies in monetary economics will have a firm grounding on which to base their understanding of the world around them.' - G.C. Harcourt, Jesus College, Cambridge, UK This influential volume, which has been revised and updated for the twenty-first century, includes both new material and more detailed expositions of existing arguments. Although so-called 'real' theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behaviour are more genuinely 'realistic'. The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the traditional quantity theory to post Keynesian theories of endogenous money. This insightful book will be of interest to all those concerned with monetary economics and macroeconomics, including academic researchers, graduate and senior undergraduate students - particularly those looking for an alternative to current economic orthodoxy - and historians of economic thought. Practitioners in central banks, international financial institutions, the financial markets and finance ministries will also find this work invaluable.

Author: Brian Snowdon
Publisher: Edward Elgar Publishing
ISBN: 1843767422
Category : Business & Economics
Languages : en
Pages : 501

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This is a splendid book. It sits at the interface of economics and economic history, and provides both a textbook-style introduction to the key themes of macroeconomics and personal insights into the central debates gleaned from interviews with leading economists. David Greasley, Australian Economic History Review It should be in every library. A hundred years from now, it will be an important guide to what leading economists thought they knew, and what they knew they didn't know as of A.D. 2002. Christopher Hanes, EH.Net Conversations on Growth, Stability and Trade is a wonderful survey of the development of macroeconomic thinking over the past decades. Brian Snowdon has a knack for combining insightful essays on a subject with interviews of interesting, relevant, and diverse economists. The interviews give one an excellent sense of how economists approach policy issues. David Colander, Middlebury College, US Conversations on Growth, Stability and Trade has all the lucidity of A Modern Guide to Macroeconomics by Snowdon, Vane and Wynarczyk, combined with the fascination of Conversations with Leading Economists by Snowdon and Vane. Students will love it and their teachers will devour it the night before the big lecture. If only I had learned macroeconomics this way. Mark Blaug, University of London and University of Buckingham, UK These well informed and highly readable interviews provide a great introduction to some of the big issues in modern economics. Roger E. Backhouse, University of Birmingham, UK This unique volume provides a comprehensive survey of the major economic issues that have helped shape the modern world. It includes discussions of the latest research findings in macroeconomics and scrutinises some of the most important debates in economic history. The author examines the many controversies relating to the role of government in a modern economy, long-run growth and development, the spread of the Industrial Revolution, the causes and consequences of the Great Depression , the Great Peacetime Inflation , the conduct of stabilisation policy, international economic integration and globalisation. To shed light on these major issues the volume contains interviews with ten leading economists who have each contributed extensively to the literature on macroeconomics, economic growth and development, international economics and economic history. A major theme which runs throughout the book is the conviction that economists can gain valuable insights concerning important contemporary policy issues from a knowledge of history, especially economic history. The distinguished economists featured in this book are: Ben Bernanke, Jagdish Bhagwati, Alan Blinder, Nick Crafts, Bradford DeLong, Barry Eichengreen, Kevin Hoover, Charles Jones, Christina Romer and Joseph Stiglitz. Containing an extensive and up-to-date list of references, the book provides a comprehensive guide to the modern literature on macroeconomics and related fields. It will be an essential reference for all scholars and students of economics, especially those with an interest in economic growth, business cycles, inflation, unemployment, trade and globalisation. It will also be of considerable value to students of economic history and the history of economic thought.

Author: Daron Acemoglu
Publisher: Princeton University Press
ISBN: 1400835771
Category : Business & Economics
Languages : en
Pages : 1009

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Introduction to Modern Economic Growth is a groundbreaking text from one of today's leading economists. Daron Acemoglu gives graduate students not only the tools to analyze growth and related macroeconomic problems, but also the broad perspective needed to apply those tools to the big-picture questions of growth and divergence. And he introduces the economic and mathematical foundations of modern growth theory and macroeconomics in a rigorous but easy to follow manner. After covering the necessary background on dynamic general equilibrium and dynamic optimization, the book presents the basic workhorse models of growth and takes students to the frontier areas of growth theory, including models of human capital, endogenous technological change, technology transfer, international trade, economic development, and political economy. The book integrates these theories with data and shows how theoretical approaches can lead to better perspectives on the fundamental causes of economic growth and the wealth of nations. Innovative and authoritative, this book is likely to shape how economic growth is taught and learned for years to come. Introduces all the foundations for understanding economic growth and dynamic macroeconomic analysis Focuses on the big-picture questions of economic growth Provides mathematical foundations Presents dynamic general equilibrium Covers models such as basic Solow, neoclassical growth, and overlapping generations, as well as models of endogenous technology and international linkages Addresses frontier research areas such as international linkages, international trade, political economy, and economic development and structural change An accompanying Student Solutions Manual containing the answers to selected exercises is available (978-0-691-14163-3/$24.95). See: http://press.princeton.edu/titles/8970.html. For Professors only: To access a complete solutions manual online, email us at: [email protected]

Author: Simon Smith Kuznets
Publisher:
ISBN: 9780608301167
Category : Economic development
Languages : en
Pages : 529

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Author: Philippe Aghion
Publisher: MIT Press
ISBN: 9780262011662
Category : Business & Economics
Languages : en
Pages : 720

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"Problems and solutions by Cecilia Garcâia-Peänalosa in collaboration with Jan Boone, Chol-Won Li, and Lucy White." Includes bibliographical references (p. [665]-687) and index.

Author: Joseph E. Stiglitz
Publisher:
ISBN:
Category :
Languages : en
Pages : 497

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Author: Jack Birner
Publisher: Routledge
ISBN: 1134906544
Category : Business & Economics
Languages : en
Pages : 225

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"The Cambridge Controversies in Capital Theory discusses the main contributions to the controversy in a series of case studies. It gradually develops a methodological model of idealizations that explains both the process of the debate and the historical ironies surrounding it, revealing that the surrounding confusion was due to the internal dynamics of the debate rather than to ideological differences. Economists were mainly engaged in attempts to solve local problems, often of a highly technical nature. This, plus the use of mathematics, led them to confuse different kinds of idealizations and to drift away from the global problems that were at stake.

Author: Lefteris Tsoulfidis
Publisher: Routledge
ISBN: 1351239406
Category : Business & Economics
Languages : en
Pages : 239

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In recent years, there have been a number of new developments in what came to be known as the "Capital Theory Debates". The debates took place mainly during the 1960s as a result of Piero Sraffa's critique of the neoclassical theory according to which the prices of factors of production directly depend on their relative scarcities. Sraffa showed that when income distribution changes, there are many complexities developed within the economic system impacting on prices in ways which are not possible to predict. These debates were revisited in the 1980s and again more recently, along with a parallel literature that has developed among neoclassical economists and has also looked at the impact of shocks on an economy. This book summarizes the debates and issues around the theory of capital and brings to the fore the more recent developments. It also pinpoints the similarities and differences between the various approaches and critically evaluates them in light of available empirical evidence. The focus of the book is on the price trajectories induced by changes in income distribution and the resulting shape of the wage rates of profit curves and frontier. These issues are central to areas such as microeconomics, international trade, growth, technological change and macro stability analysis. Each chapter starts with the theoretical issues involved, followed by their formalization and subsequently with their operationalization. More specifically, the variables of the classical theory of value and distribution are rigorously defined and quantified using actual input–output data from a number of major economies, but mainly from the USA, over long stretches of time. The empirical results are not only consistent with the anticipations of the theory but also further inform and therefore strengthen its predictive content raising new significant questions.