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Structural Dynamics and Economic Growth

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Richard Arena, Pier Luigi Porta, Peter Groenewegen, Mario Pomini, Moshe Syrquin, Önder Nomaler, Bart Verspagen, William J. Baumol, Geoffrey Harcourt, Heinrich Bortis, Davide Gualerzi, Harald Hagemann, Roberto Scazzieri, Takashi Yagi, Robert M. Solow, Luigi L. Pasinetti
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  • Date Published: May 2012
  • availability: Available
  • format: Hardback
  • isbn: 9781107015968

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  • Ever since Adam Smith, economists have been preoccupied with the puzzle of economic growth. The standard mainstream models of economic growth were and often still are based either on assumptions of diminishing returns on capital with technological innovation or on endogenous dynamics combined with a corresponding technological and institutional setting. An alternative model of economic growth emerged from the Cambridge School of Keynesian economists in the 1950s and 1960s. This model - developed mainly by Luigi Pasinetti - emphasizes the importance of demand, human learning and the growth dynamics of industrial systems. Finally, in the past decade, new mainstream models have emerged incorporating technology or demand-based structural change and extending the notion of balanced growth. This collection of essays reassesses Pasinetti's theory of structural dynamics in the context of these recent developments, with contributions from economists writing in both the mainstream and the Cambridge Keynesian traditions and including Luigi Pasinetti, William Baumol, Geoffrey Harcourt and Nobel laureate Robert Solow.

    • Proposes and evaluates a post-Keynesian alternative to the dominant neo-classical models of economic growth
    • Focuses on structural dynamics and responds to the need for bringing together related strands on learning and innovation as the sources of structural change
    • Explores different paradigms of economic dynamics and discusses their respective historical roots
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    Product details

    • Date Published: May 2012
    • format: Hardback
    • isbn: 9781107015968
    • length: 310 pages
    • dimensions: 229 x 152 x 19 mm
    • weight: 0.59kg
    • contains: 8 b/w illus. 2 tables
    • availability: Available
  • Table of Contents

    List of figures
    List of tables
    List of contributors
    Introduction: structural economic dynamics and contemporary growth theory Richard Arena and Pier Luigi Porta
    Part I. Structural Dynamics: Past and Present:
    1. Structural change: some historical aspects with special reference to classical economics Peter Groenewegen
    2. Structural dynamics in an historical perspective Mario Pomini
    3. Two approaches to the study of structural change and economic development: Kuznets and Pasinetti Moshe Syrquin
    4. Analyzing knowledge flows by means of vertical integration Önder Nomaler and Bart Verspagen
    5. Growth: towards a structural endogenous macro-model William J. Baumol
    Part II. Structural Dynamics: The Cambridge Keynesian Perspective:
    6. Luigi Pasinetti: the senior living heir of the Cambridge school of economics and the last of the great system-builders Geoffrey Harcourt
    7. Toward a synthesis in post-Keynesian economics in Luigi Pasinetti's contribution Heinrich Bortis
    8. Growth theory, structural dynamics and the analysis of consumption Davide Gualerzi
    9. Luigi Pasinetti's structural economic dynamics and the employment consequences of new technologies Harald Hagemann
    10. The concept of 'natural economic system': a tool for structural analysis and an instrument for policy design Roberto Scazzieri
    11. Structural change and invariable standards Takashi Yagi
    Part III. Epilogue: Structural dynamics as part of the 'unfinished revolution': on Pasinetti and the unfinished Keynesian revolution Robert M. Solow
    First afterword: Pasinetti on structural dynamics Robert M. Solow
    Growth and structural change: perspectives for the future Luigi L. Pasinetti
    Second afterword: the significance of structural economic dynamics Luigi L. Pasinetti
    Index.

  • Editors

    Richard Arena, Université de Nice, Sophia Antipolis
    Richard Arena is Professor of Economics at the University of Nice-Sophia Antipolis, France, where he is Director of the Institute of Human and Social Sciences. He is also the managing editor of the Revue d'Economie Industrielle.

    Pier Luigi Porta, Università degli Studi di Milano-Bicocca
    Pier Luigi Porta is Professor of Economics at the University of Milano-Bicocca, Italy, and a visiting fellow of Wolfson College, Cambridge.

    Contributors

    Richard Arena, Pier Luigi Porta, Peter Groenewegen, Mario Pomini, Moshe Syrquin, Önder Nomaler, Bart Verspagen, William J. Baumol, Geoffrey Harcourt, Heinrich Bortis, Davide Gualerzi, Harald Hagemann, Roberto Scazzieri, Takashi Yagi, Robert M. Solow, Luigi L. Pasinetti

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