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The Growing Economy



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In this sequel to his widely praised classic study of TheStationary Economy, Nobel Prize winning economist J. E.Meade continues his systematic treatment of the entirefield of economic analysis. He uses a series of simplifiedmodels designed to show the interconnections betweenvarious specialist fields of economic theory.The Growing Economy departs from the position ofstatic equilibrium Meade assumes in The StationaryEconomy. Here he deals with equilibrium growth. Meadeintroduces capital goods and allows for growth throughcapital accumulation, population expansion, and technicalprogress. He still assumes perfect competition andthe absence of indivisibilities, so that there are constantreturns to scale in the productive system and a givenset of consistent and independent preferences for eachconsumer.In this volume, an attempt is made to discuss the theoryof economic growth with a minimum of mathematicalanalysis. In the main text no differential or integral calculusis employed; such mathematical techniques are used(sparingly) only in footnotes and appendices, which thegeneral reader may avoid. Meade’s treatise offers studentsand specialists alike a general survey of theory in a formthat is assessable even for those with little mathematicaltraining. He takes into account the dynamics of trade,increased demand, and new technology and their impacton growth. This book carries the discussion a long wayfrom the harmonious quiet of the abstract model to theuntidy, real world.

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