The Divergent Dynamics of Economic Growth: Studies in Adaptive Economizing, Technological Change, and Economic Development PDF
Preview The Divergent Dynamics of Economic Growth: Studies in Adaptive Economizing, Technological Change, and Economic Development
This page intentionally left blank TheDivergentDynamicsofEconomicGrowth Thisbookexplainshowchangingtechnologyandeconomizingbehaviorinduce vastchangesinproductivity,resourceallocation,laborutilization,andpatterns ofliving.Economicgrowthisseenasaprocessbywhichbusinesses,regimes, countries,andthewholeworldpassthroughdistinctepochs,eachoneemerging fromitspredecessorandcreatingtheconditionsforitssuccessor.Viewedfrom along-runperspective,growthmustbecharacterizedasanexplosiveprocess markedbyturbulenttransitionsinsocialandpoliticallifeassocietiesadaptto newopportunities,thedemiseofoldwaysofliving,andthevastincreaseand redistributionofhumanpopulations.Thebookisbasedonanewandunique synthesisofclassicaleconomicsandcontemporaryconceptsofadaptationand economicevolution.Althoughitisgroundedinanalyticalmethods,thetexthas been stripped of all equations and with few exceptions is devoid of technical jargon. Richard H. Day is Professor of Economics at the University of Southern California.HecofoundedthedistinguishedJournalofEconomicBehaviorand Organization with Sidney Winter in 1980 and served as its editor until 2002. ProfessorDay’sfirstbookdevelopedaclassofrecursiveprogrammingmodels for simulating production, investment, and technological change. This work becamethebasisofadynamictheorydescribingeconomicchangewhenagents are boundedly rational, when economic behavior is adaptive, when markets workoutofequilibrium,andwheneconomicstructureevolves.ProfessorDay wentontoinvestigatechaosandmultiphasedynamicsincompetitivemarkets, stockmarketprices,businesscycles,andgrowthwhensignificantnonlinearities areincorporated.HisfindingswerepublishedintwovolumestitledComplex EconomicDynamics:VolumeI:AnIntroductiontoDynamicalSystemsandMar- ketMechanisms(1994);VolumeII:AnIntroductiontoMacroeconomicDynamics (2000).Hisongoingresearchinvestigatescoremacroeconomicissuesforprivate enterpriseandpublicpolicyaswellastheimplicationsofbehavioraleconomics formacroeconomictheory,modeling,andpolicy. The Divergent Dynamics of Economic Growth Studies in Adaptive Economizing, Technological Change, and Economic Development RICHARD H. DAY UniversityofSouthernCalifornia Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo Cambridge University Press The Edinburgh Building, Cambridge , United Kingdom Published in the United States of America by Cambridge University Press, New York www.cambridge.org Information on this title: www.cambridge.org/9780521830195 © Richard H. Day 2004 This book is in copyright. Subject to statutory exception and to the provision of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press. First published in print format 2003 - isbn-13 978-0-511-07134-8 eBook (EBL) - isbn-10 0-511-07134-5 eBook (EBL) - isbn-13 978-0-521-83019-5 hardback - isbn-10 0-521-83019-2 hardback Cambridge University Press has no responsibility for the persistence or accuracy of s for external or third-party internet websites referred to in this book, and does not guarantee that any content on such websites is, or will remain, accurate or appropriate. DedicatedtoMySisters lylaandsylvia WhomIadoredasachild andwhohavebeena continualsourceof encouragementeversince Contents Preface pageix AcknowledgmentsandComments xiii 1 TheAdaptive,EvolutionaryTheoryofDivergentEconomic Growth 1 partone.globaltrendsandadaptiveeconomics 2 GlobalTrends,WorldModels,andHumanAdaptation 21 3 AdaptiveEconomicTheoryandModeling 36 parttwo.technologicalchangeinagriculture andindustry 4 TheEconomicsofTechnologicalChangeandtheDemiseofthe Sharecropper 59 5 EconomicDevelopmentasanAdaptiveProcess:AGreen RevolutionCaseStudy 79 RichardH.DayandInderjitSingh 6 IndustrialDevelopmentandTechnologicalChange 97 RichardH.Day,MasatoshiAbe,JonNelson,WilliamK.Tabb, andCheTsao 7 AnAdaptiveEconomizingAnalysisofChineseEnterprises UnderAlternativeReformRegimes 115 RichardH.Day,ZhigangWang,andGangZou partthree.epochaldevelopment 8 EconomicDevelopmentandMigration 141 RichardH.DayandYiu-KwanFan vii viii Contents 9 InstabilityintheTransitionfromManorialism: AClassicalAnalysis 158 10 DoEconomiesDiverge?EconomicDevelopmentintheVery LongRun 178 RichardH.DayandOlegPavlov partfour.towardageneraltheoryofdevelopment 11 EconomicsFarfromEquilibrium 203 12 TheDialecticalRepublic:TowardaGeneralTheoryofthe CoevolutionofMarketandState 221 Index 237
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