Beyond the Steady State: A Revival of Growth Theory PDF
Preview Beyond the Steady State: A Revival of Growth Theory
BEYOND THE STEADY STATE Also by David Laibman VALUE, TECHNICAL CHANGE AND CRISIS: Explorations in Marxist Economic Theory Also by Edward J. Nell FREE MARKET CONSERVATISM: A Critique of Theory and Practice GROWTH, PROmS AND PROSPERITY KEYNES AFTER SRAFFA NICHOLAS KALDOR AND MAINSTREAM ECONOMICS (co·editor with Willi Semmler) RATIONAL ECONOMIC MAN (with Martin Hollis) PROSPERITY AND PUBLIC SPENDING: Transfonnational Growth and the Role of the State TRANSFORMATIONAL GROWTH AND EFFECTIVE DEMAND: Economics after the Capital Critique Beyond the Steady State A Revival of Growth Theory Joseph Halevi Senior Lecturer in Economics University of Sydney, Australia David Laibman Professor of Economics Brooklyn College and Graduate School City University of New York and Edward J. Nell Professor of Economics New School for Social Research, New York Palgrave Macmillan © Joseph Halevi, David Laibman and Edward J. Nell, 1992 Softcover reprint of the hardcover 1s t edition 1992 All rights reserved. For information, write: Scholarly and Reference Division, St. Martin's Press, Inc., 175 Fifth Avenue, New York, N.Y. 10010 First published in the United States of America in 1992 ISBN 978-1-349-10952-4 ISBN 978-1-349-10950-0 (eBook) DOI 10.1007/978-1-349-10950-0 Library of Congress Cataloging-in-Publication Data Beyond the steady state: a revival of growth theory/edited by Joseph Halevi, David Laibman, and Edward J. Nell. p. cm. Includes index. ISBN 978-0-312-06505-8 1. Economic development. 2. Demand (Economic theory). 3. Equilibrium (Economics) I. Halevi, Joseph. II. Laibman, David. III. Nell, Edward J. HD75.B5 1992 338.9'OOI-dc20 91-10319 CIP Contents Preface and Acknowledgements vii ~~~~~~~ ~ Introduction 1 PART I AN OVERVIEW 9 1 The Classical Dynamics of Surplus and Accumulation 11 Vivian Walsh PART II DEMAND-DETERMINED GROWTH 45 2 Some Notes for an Analysis of Accumulation 47 Pierangelo Garegnani 3 Accumulation, Effective Demand and Income Distribution 73 Heinz D. Kurz 4 Demand Equilibrium 96 Edward J. Nell PART III TECHNICAL CHANGE 129 5 Transformational Growth, Mass Production and the Multiplier 131 Edward Nell 6 Optimal Choices of Technique and Biased Technical Change: From the Steady State to the Consistent Path 175 David Laibman 7 Classical Competitive Dynamics and Technical Change 198 Peter Flaschel and Willi Semmler PART IV TRAVERSE 223 8 An Introduction to the Traverse in Economic Theory 225 Joseph Halevi and Peter Kriesler v vi Contents 9 Traverse Analysis in a Post-Classical Model 235 Harald Hagemann 10 Accumulation and Structural Disequilibrium 264 Joseph Halevi PART V GROWTH CYCLES 289 11 A Dynamic Analysis of Industrial Capitalism 291 Richard M. Goodwin 12 Dynamic Behavior in a Two-Sector Classical Model: Some Simulation Results 302 Marc Jarsulic 13 Cyclical Growth and Intersectoral Dynamics: A Simulation Approach 323 David Laibman 14 Bifurcation in the Theory of Economic Growth 349 Badal Mukherji Index 367 Preface and Acknowledgements This book began from two related questions. Where do we go from the Cambridge criticism? How can we bridge the gap between the static equilibrium of mainstream theory and the inherent dynamism of the real world and its problems? The connection is straightfor ward: if neo-Classical theory is logically flawed, alternative theoreti cal approaches will be required. If the flaw arises from a preoccupation with competition between abstract individuals (bereft of social rela tions), the theory will be unsuited to study of a world in which economic growth is inherently transformational - and therefore beyond the grasp of methods based on equilibrium. In bringing together a volume that aims to avoid the trap of the steady state, we naturally thought to dedicate our work to Adolph Lowe, a great pioneer in this effort. While not a 'celebratory' festschrift, this book - especially the section on the traverse - bears the stamp of his teaching and inspiration. We have assembled a truly world-wide team of contributors who address different aspects of this huge project. The chapters are all original contributions, written for this volume and with its goals in mind. Some of the participants were able to explore the project in statu nascendi at a conference held at the University of Ottawa in March, 1987. We are grateful to all who took part in that conference for valuable feedback and criticism. We would particularly like to mention Tom Asiroakopulos and Jacques Henry. Both were enthusiastic colleagues in this endeavor at the outset, and both, sadly, are no longer with us; neither was able to prepare a contribution, but we would like to acknowledge their lasting influence. Our thanks go to Cigdem Kurdas, who worked cheerfully with a very rough draft from one of the authors, bringing its contents into clear view. In spite of her efforts the book was delayed still further by extensive additional rewriting, and we apologize to all but one of our authors. Our copy-editor, Mr Keith Povey, is truly a miracle worker, and a tireless one at that. His efforts are a permanent part of this book. No one is more aware than we that the project begun here is vii viii Preface and Acknowledgements unfinished, and raises more questions than it answers. That is as it should be. The economic universe is both expanding, and changing; we expect that our theory must do likewise. If this book encourages any of our readers to help this process along, we will have achieved our object. JOSEPH HALEVI DAVID LAIBMAN EDWARD J. NELL List of the Contributors Peter Flaschel, University of Bielefeld, Germany Pierangelo Garegnani, University of Rome, Italy Richard M. Goodwin, Cambridge University, England, and Univer sity of Siena, Italy Harald Hagemann, University of Hohenheim, Stuttgart, Germany Joseph Halevi, University of Sydney, Australia Marc Jarsulic, University of Notre Dame, Indiana, USA Peter Kriesler, University of New South Wales, Australia Heinz D. Kurz, University of Graz, Austria David Laibman, Brooklyn College and Graduate School, City Uni versity of New York, USA Badal Mukherji, Delhi School of Economics, India Edward J. Nell, Graduate Faculty, New School for Social Research, New York, USA Willi Semmler, Graduate Faculty, New School for Social Research, New York, USA Vivian Walsh, Muhlenberg College, Pennsylvania, USA ix
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