Transformational Growth and Effective Demand: Economics After the Capital Critique

Transformational Growth and Effective Demand: Economics After the Capital Critique

by Edward J. Nell, Shannon Steen, Vijay Prashad, Gary Okihiro
     
 

This collection of essays develops Edward Nell's influential theory of transformational growth. Nell sets established concepts such as the classical notion of prices of production and the wage-profit frontier within a significant new framework that illustrates their role in the dynamic evoution of the industrial system from its beginnings in feudalism through the

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Overview

This collection of essays develops Edward Nell's influential theory of transformational growth. Nell sets established concepts such as the classical notion of prices of production and the wage-profit frontier within a significant new framework that illustrates their role in the dynamic evoution of the industrial system from its beginnings in feudalism through the early capitalism of the family firms to the modern system of effective demands and multiplier adjustments. The essays present the method and its relation to the capital critique before developing the main ideas of transformational growth through a series of historical studies culminating in a revised theory of the multiplier. Outlining policies which strongly affirm an expansionist approach, Nell porposes a reconstruction of macroeconimics.

Product Details

ISBN-13:
9780814757697
Publisher:
New York University Press
Publication date:
10/01/1991
Pages:
680

Table of Contents

Introduction
Preface: Joan Robinson - a Memoir
Pt. IMethod and Approach
1The Revival of Political Economy3
2Theories of Growth and Theories of Value23
3Value and Capital in Marxian Economics35
4Understanding the Marxian Notion of Exploitation: the "Number One Issue"59
Pt. IICapital Theory in a Growing Economy
5Accumulation and Capital Theory91
6Capital and the Firm in Neo-Classical Theory125
7Reswitching, Wicksell Effects, and the Neo-Classical Production Function (with David Laibman)139
8The Black Box Rate of Return157
9The Theory of Income Distribution177
10On Long-run Equilibrium in Class Society194
Pt. IIITransformational Growth
11Population Pressure and Methods of Cultivation: a Critique of Classless Theory219
12Economic Relationships in the Decline of Feudalism: an Examination of Economic Interdependence and Social Change231
13The Transformation of Agrarian Society269
14The Price Revolution and Primitive Accumulation302
15Cyclical Growth: the Interdependent Dynamics of Industry and Agriculture319
16Transformational Growth: From Say's Law to the Multiplier334
Pt. IVPrices, Investment and Effective Demand
17Demand, Pricing and Investment381
18Stability in Simple Keynesian Models452
19Wealth Effects and the Government Budget Constraint477
20The Simple Theory of Effective Demand493
21Notes on Finance, Risk and Investment Spending529
22Does the Rate of Interest Determine the Rate of Profit?560
23Wages, Inflation and the Labor Market565
24Growth, Distribution and Inflation590
25Controversies in Macroeconomics: Patinkin, Friedman and Marglin599
Pt. VProfits and Justice
26Economizing Love645
27On Deserving Profits654
28Justice under Socialism (with Onora O'Neil)663
Concluding Remark675
Index677

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