Structural dynamics and economic growth

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Title:

Author:

Arena, R. (Richard)

ISBN:

9781107015968

Publication Information:

Cambridge ; New York : Cambridge University Press, 2012.

Physical Description:

xii, 296 p. : ill. ; 24 cm.

Contents:

Introduction: structural dynamics and contemporary growth theory / Structural Dynamics: Past and Present: Structural change: some historical aspects of Pasinetti's work with special reference to classical economics / Structural dynamics in an historical perspective / Two approaches to the study of structural change and economic development: Kuznets and Pasinetti / Analyzing knowledge flows by means of vertical integration / Growth: towards a structural endogenous macro-model / Structural Dynamics: The Cambridge Keynesian Perspective: Luigi Pasinetti: the senior living heir of the Cambridge School of Economics and the last of the great system-builders / Toward a synthesis in post-Keynesian economics in Luigi Pasinetti's contribution / Growth theory, structural dynamics and the analysis of consumption / Luigi Pasinetti's structural economic dynamics and the employment consequences of new technologies / The concept of 'natural economic system': a tool for structural analysis and an instrument for policy design / Structural change and invariable standards / Epilogue: Structural Dynamics as Part of the 'Unfinished Revolution': On Pasinetti and the unfinished Keynesian revolution / First afterword: Pasinetti on structural dynamics / Growth and structural change: perspectives for the future / Second afterword: the significance of structural economic dynamics

Abstract:

"Ever since Adam Smith, economists have been preoccupied with the puzzle of economic growth. The mainstream neo-classical models of growth that have largely dominated modern growth theory are based around assumptions of diminishing returns on extra capital with technological innovation and appropriate institutions being seen as key to economic growth. An alternative model of economic growth emerged from the Cambridge school of Keynesian economists in the 1950s and 1960s. This model emphasizes the importance of demand and the dynamics of the growth of industrial systems. The scholar most associated with this approach to economic growth is Luigi Pasinetti whose book Structural Change and Economic Growth (Cambridge University Press, 1981) has been hugely influential to a generation of post-Keynesian economists. This collection evaluates the achievements of Pasinetti's structural dynamics, with contributions from both post-Keynesian economists, including Pasinetti, and from some distinguished and critical neo-classical economists, including Nobel laureate Robert Solow"-- Provided by publisher.

Personal Subject:

Pasinetti, Luigi L.-Political and social views.

Subject Term:

Economic development.

Sustainable development.

Added Author:

Arena, R. (Richard)

Porta, Pier Luigi.

Copies:

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Library	Material Type	Item Barcode	Shelf Number	Copy	Status
Searching... 1:IIEMSA	1:GEN-BOOK	33168025560141	338.9 A681S 2012	1	Searching... Unknown

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Summary

Ever since Adam Smith, economists have been preoccupied with the puzzle of economic growth. The standard mainstream models of economic growth were and often still are based either on assumptions of diminishing returns on capital with technological innovation or on endogenous dynamics combined with a corresponding technological and institutional setting. An alternative model of economic growth emerged from the Cambridge School of Keynesian economists in the 1950s and 1960s. This model - developed mainly by Luigi Pasinetti - emphasizes the importance of demand, human learning and the growth dynamics of industrial systems. Finally, in the past decade, new mainstream models have emerged incorporating technology or demand-based structural change and extending the notion of balanced growth. This collection of essays reassesses Pasinetti's theory of structural dynamics in the context of these recent developments, with contributions from economists writing in both the mainstream and the Cambridge Keynesian traditions and including Luigi Pasinetti, William Baumol, Geoffrey Harcourt and Nobel laureate Robert Solow.