Beyond the Steady State A Revival of Growth Theory
The essays in this book seek to identify the mechanisms that determine the extent and nature of economic growth. The subject is addressed under four headings: demand-determined growth, technical change, traverse and growth cycles.
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Also by David Laibman VALUE, TECHNICAL CHANGE AND CRISIS: Explorations in Marxist Economic Theory
Also by Edward J. Nell FREE MARKET CONSERVATISM: A Critique of Theory and Practice GROWTH, PROmS AND PROSPERITY KEYNES AFTER SRAFFA NICHOLAS KALDOR AND MAINSTREAM ECONOMICS (co·editor with Willi Semmler) RATIONAL ECONOMIC MAN (with Martin Hollis) PROSPERITY AND PUBLIC SPENDING: Transfonnational Growth and the Role of the State TRANSFORMATIONAL GROWTH AND EFFECTIVE DEMAND: Economics after the Capital Critique
Beyond the Steady State A Revival of Growth Theory Joseph Halevi Senior Lecturer in Economics University of Sydney, Australia
David Laibman Professor of Economics Brooklyn College and Graduate School City University of New York
and
Edward J. Nell Professor of Economics New School for Social Research, New York
Palgrave Macmillan
© Joseph Halevi, David Laibman and Edward J. Nell, 1992 Softcover reprint of the hardcover 1st edition 1992 All rights reserved. For information, write: Scholarly and Reference Division, St. Martin's Press, Inc., 175 Fifth Avenue, New York, N.Y. 10010
First published in the United States of America in 1992 ISBN 978-1-349-10952-4 ISBN 978-1-349-10950-0 (eBook) DOI 10.1007/978-1-349-10950-0
Library of Congress Cataloging-in-Publication Data Beyond the steady state: a revival of growth theory/edited by Joseph Halevi, David Laibman, and Edward J. Nell. p. cm. Includes index. ISBN 978-0-312-06505-8 1. Economic development. 2. Demand (Economic theory). 3. Equilibrium (Economics) I. Halevi, Joseph. II. Laibman, David. III. Nell, Edward J. HD75.B5 1992 338.9'OOI-dc20 91-10319 CIP
Contents Preface and Acknowledgements
vii
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Introduction
1
PART I AN OVERVIEW
9
1 The Classical Dynamics of Surplus and Accumulation Vivian Walsh PART II DEMAND-DETERMINED GROWTH 2 Some Notes for an Analysis of Accumulation Pierangelo Garegnani 3 Accumulation, Effective Demand and Income Distribution Heinz D. Kurz 4 Demand Equilibrium Edward J. Nell
11
45 47
73 96
PART III TECHNICAL CHANGE
129
5 Transformational Growth, Mass Production and the Multiplier Edward Nell
131
6 Optimal Choices of Technique and Biased Technical Change: From the Steady State to the Consistent Path David Laibman
175
7 Classical Competitive Dynamics and Technical Change Peter Flaschel and Willi Semmler PART IV TRAVERSE
198 223
8 An Introduction to the Traverse in Economic Theory Joseph Halevi and Peter Kriesler v
225
vi
Contents
9 Traverse Analysis in a Post-Classical Model Harald Hagemann
235
10 Accumulation and Structural Disequilibrium Joseph Halevi
264
PART V GROWTH CYCLES
289
11 A Dynamic Analysis of Industrial Capitalism Richard M. Goodwin
291
12 Dynamic Behavior in a Two-Sector Classical Model: Some Simulation Results Marc Jarsulic
302
13 Cyclical Growth and Intersectoral Dynamics: A Simulation Approach David Laibman
323
14 Bifurcation in the Theory of Economic Growth Badal Mukherji
349
Index
367
Preface and Acknowledgements This book began from two related questions. Where do we
