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The General Theory of Transformational Growth : Keynes after Sraffa - Edward J. Nell

The General Theory of Transformational Growth

Keynes after Sraffa

Hardcover

Published: 13th July 1998
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For the past century, economic analysis has been wedded to the idea of equilibrium, in spite of the evident fact that most economic relationships are in flux. The theory of transformational growth in this work replaces equilibrium with history. The role of the market is not to allocate resources, but to generate innovations, which are "selected" by competition in an evolutionary process. These innovations in turn change the way markets work and how they adjust, thus creating new problems and new kinds of pressures to innovate. The core relationships provide the foundations for a theory of monetary circulation, which makes possible a revised Keynesian approach, based on Classical foundations.

"Presents a theory of transformational growth that replaces equilibrium with history." Journal of Economic Literature

Preface
Acknowledgments
History or Equilibriumn++
The idea of transformational growth
The stylized facts of the old business cycle and the new
Method and Approach: The Active Mind
Conceptual truths and empirical observation
Rationality, structure and behavior
Money and the Golden Rule
Circulation and production: the need for money Appendix: recent theories of circulation
Circulation and instability: the supply of money
The Wage-Profit Trade-Off
The classical system: the Golden Rule, labor, and the wage-profit trade-off
Appendix: a numerical example
The classical system: gravitation and market adjustment
Cycles and growth: market adjustment in craft conditions
Investment and Mass Production
Demand growth, pricing and investment plans
Inflation, employment, and market adjustment in mass production
Appendix: stability of the modes of operation
Money and Fluctuations in the Modern Economy
Money and interest in the Keynesian system
Growth and cycles: financially constrained instability under mass production
Appendix: Stability of modes of operation
Conclusions
Keynesian themes on classical grounds
Bibliography
Index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521590068
ISBN-10: 052159006X
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 816
Published: 13th July 1998
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 4.3
Weight (kg): 1.31