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9780521295437

Growth and Income Distribution: Essays in Economic Theory

by
  • ISBN13:

    9780521295437

  • ISBN10:

    0521295432

  • Edition: 1st
  • Format: Paperback
  • Copyright: 1979-04-30
  • Publisher: Cambridge University Press

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Summary

This 1974 collection of six essays in economic theory represents a major contribution to the field. The first contains the formulation of the Ricardian system, whilst the next two contain, respectively, the author's synthetic treatment of the complex problems of fluctuations and economic growth, and his well-known theorem that in the long run the rate of profit and income distribution are independent of the propensities to save of the working class. The essays that follow provide the missing links: a coherent picture of the macroeconomic theories that have originated in Cambridge and a discussion of their deep foundations in classical economic analysis. Finally, the author evaluates some economic controversies and draws his conclusions on the basic forces determining rate of profit in the process of economic growth. Although the arguments are highly theoretical, they require no knowledge of mathematics beyond elementary calculus and algebra.

Table of Contents

Preface
A Mathematical Formulation of the Ricardian System
Theory of value
Theory of distribution
Theory of economic growth
'Natural' equilibrium in a two-commodity system
Some characteristics of the Ricardian system
The market solutions and the attainment of the 'natural' equilibrium
The equilibrium of the stationary state
The process of economic growth
Multi-commodity production
Concluding remarks
Appendix - existence and uniqueness of stable solutions
The Economics of Effective Demand
Malthus on effective demand
The principle of effective demand
Theories of under-consumption (And over-production)
J. M. Keynes' 'general theory' of employment
The principle of effective demand in a different context
Ricardian features of effective demand in a different context
Anti-Keynesian features of some 'Keynesian' literature
The principle of acceleration
Final remarks
Appendix - the 'lagged' multiplier
Cyclical Fluctuations and Economic Growth
The model
A graphical device
The dynamics of income
The dynamics of the stock of capital
Interrelations between the dynamics of capital
The various interpretation of the endogenous dynamics of an economic system
Possibility of a steady growth
The difficulties of providing a theory which may explain both cycles and growth
A more flexible use of macro-economic models
A reinterpretation of the complex dynamics of a modern economic system
Mathematical appendix
From Classical to Keynesian Economic Dynamics
Pre-Malthusian Views on Population
Malthus' Principle of population
The 'law of diminishing returns'
Population growth and technical progress
Long-run equilibrium conditions - Domanr's contribution
The 'natural rate of growth - Harrod's contribution
New answer to an old Ricardian problem
Kaldor's theory of income distribution
Concluding remarks
Rate of Profit and Income Distribution in relation to the Rate of Economic Growth
A post-Keynesian theory of income distribution and the rate of profit
A correction
Reformulating the model
Rate and share of profits in relation to the rate of growth
A fundamental relation between profits and savings
Implications
The conditions of stability
The case of a socialist system
Models and reality
The Rate of Profit in and Expanding Economy
Harrod-Domar's dilemma
The 'Cambridge equation'
The marginal productivity alternative
Extreme assumptions and general results
A first approximation synthesis
Irrelevance of the workers' savings required for the disappearance of the capitalists
Capital-output ratio and rate of profit
The case of a highly flexible capital-output ratio
Conclusions for the general case
Rate of interest and rate of profit
Many groups of savers
Further extensions
A socialist economy
The rate of profit in an expanding economy
References
Index
Table of Contents provided by Publisher. All Rights Reserved.

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