Description
CAMBRIDGE The Path of Economic Growth 2009 Edition by Adolph Lowe
The writings on the theory of economic growth share almost without exception two characteristics - they deal exclusively with steady growth or equilibrium dynamics, and they try to predict the actual course of long-term development on the basis of greatly oversimplified behaviour assumptions. This book, first published in 1976, studies the many variants of a disequilibrium path, which growth processes pursue under the impact of major growth stimuli - changes in labour supply, in natural resources, and in technology. The study gives direction to public policies, sharply distinguishing between the requirements of market economies and of planned systems. Table of contents :- Preface; Acknowledgements; Part I. The Basic Model: 1. Introduction: scope and method; 2. Patterns of economic growth; 3. A schema of industrial production; 4. The circulation of fixed capital; 5. The circulation of working capital; 6. The stationary process in operation: structure analysis; 7. The stationary process in operation: force analysis; 8. Transition to dynamic equilibrium; 9. Dynamic equilibrium: structure analysis; 10. Dynamic equilibrium: force analysis; Part II. Changes in the Rate of Change: The Dynamics of Labour Supply: 11. The setting of the problem; 12. A bird's-eye view of an expanding traverse; 13. On the short-period variability of the capital-labour supply in a free market; 14. Adjustment to a higher rate of growth of labour supply in a free market: I. Structure analysis; 15. Adjustment to a higher rate of growth of labour supply in a free market: II. Force analysis; 16. Adjustment to a higher rate of growth of labour supply in a collectivist system; 17. Some comments on the role of working capital in the traverse; 18. Instrumental analysis of decline in the rate of growth of labour supply; Part III. Changes in the Rate of Change: The Dynamics of Natural Resources Supply: 19. The dynamics of diminishing returns; 20. Recycling of production and consumption residuals and the structure of production; Part IV. Changes in the Rate of Change: The Dynamics of Technological Progress: 21. The scope of the investigation; 22. Dynamic equilibrium once more; 23. Nonneutral innovations: a general survey; 24. Pure labour-displacing innovations; 25. Pure capital-displacing innovations; 26. Some comments on combined changes in the input of labour and capital; 27. Technical progress and diminishing returns; 28. Some concluding remarks; Appendix: an alternative presentation of Lowe's basic model Edward J. Nell; Glossary of recurring symbols; Name index; Subject index.