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  1. Home
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  3. Structural Dynamics and Economic Growth
  • Cited by 10
Publisher:
Cambridge University Press
Online publication date:
May 2012
Print publication year:
2012
Online ISBN:
9781139059930
DOI:
https://doi.org/10.1017/CBO9781139059930
Subjects:
Economics, Economic Thought, Philosophy and Methodology, Economic Development and Growth
Information

Book description

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.

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