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  • Cited by 20
Publisher:
Cambridge University Press
Online publication date:
May 2010
Print publication year:
1992
Online ISBN:
9780511628467
DOI:
https://doi.org/10.1017/CBO9780511628467
Subjects:
Economics, Economic Development and Growth
Information

Book description

Contemporary general equilibrium theory is characteristically short-run, separated from monetary aspects of the economy, and as such does not deal with long-run problems such as capital accumulation, innovation, and the historical movement of the economy. These phenomena are discussed by growth theory, which assumes a given or shifting production function, and in turn cannot therefore deal with the fundamental problem of growth, namely how the production function is derived. Thus traditional theories have a common weakness in that they divorce real economic growth from the activities of the financial sector. This book provides a much-needed synthesis of growth theory and monetary theory. Professor Morishima draws on the work of Schumpeter, Keynes and the pre-war neoclassical economists to formulate a capital-theoretic general equilibrium theory.

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