Transformational Growth and Effective Demand: Economics After the Capital Critique

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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.

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Product Details

  • ISBN-13: 9780814757697
  • Publisher: New York University Press
  • Publication date: 10/1/1991
  • Pages: 680

Meet the Author

Edward J. Nell is Professor of Economics at the New School for Social Research and the author of Keynes After Sraffa.

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Table of Contents

Preface: Joan Robinson - a Memoir
Pt. I Method and Approach
1 The Revival of Political Economy 3
2 Theories of Growth and Theories of Value 23
3 Value and Capital in Marxian Economics 35
4 Understanding the Marxian Notion of Exploitation: the "Number One Issue" 59
Pt. II Capital Theory in a Growing Economy
5 Accumulation and Capital Theory 91
6 Capital and the Firm in Neo-Classical Theory 125
7 Reswitching, Wicksell Effects, and the Neo-Classical Production Function (with David Laibman) 139
8 The Black Box Rate of Return 157
9 The Theory of Income Distribution 177
10 On Long-run Equilibrium in Class Society 194
Pt. III Transformational Growth
11 Population Pressure and Methods of Cultivation: a Critique of Classless Theory 219
12 Economic Relationships in the Decline of Feudalism: an Examination of Economic Interdependence and Social Change 231
13 The Transformation of Agrarian Society 269
14 The Price Revolution and Primitive Accumulation 302
15 Cyclical Growth: the Interdependent Dynamics of Industry and Agriculture 319
16 Transformational Growth: From Say's Law to the Multiplier 334
Pt. IV Prices, Investment and Effective Demand
17 Demand, Pricing and Investment 381
18 Stability in Simple Keynesian Models 452
19 Wealth Effects and the Government Budget Constraint 477
20 The Simple Theory of Effective Demand 493
21 Notes on Finance, Risk and Investment Spending 529
22 Does the Rate of Interest Determine the Rate of Profit? 560
23 Wages, Inflation and the Labor Market 565
24 Growth, Distribution and Inflation 590
25 Controversies in Macroeconomics: Patinkin, Friedman and Marglin 599
Pt. V Profits and Justice
26 Economizing Love 645
27 On Deserving Profits 654
28 Justice under Socialism (with Onora O'Neil) 663
Concluding Remark 675
Index 677
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