Table of Contents
Cover
Title Page
Copyright
Dedication
Contents
Preface to the Second Edition
Preface to the First Edition
Notation
1.1 Economic Growth in Historical Perspective
1.2 Quality and Quantity
1.3 Human Relationships
1.4 Economic Theories of Growth
1.5 Using This Book
1.6 Suggested Readings
2.1 Measuring Output and Inputs
2.2 Time and Production
2.3 A Note on Units
2.4 Technology in the Real World
2.5 The Uses of Output: Investment and Consumption
2.6 The Social Consumption-Growth Rate Schedule
2.7 The Distribution of Income: Wages and Profit
2.8 The Real Wage-Profit Rate Schedule
2.9 Income Shares
2.10 The Growth-Distribution Schedule
2.11 Changes in Labor and Capital Productivity
2.12 Comparing Economies
2.13 Global Economic Leadership
2.14 Labor Productivity Growth in Real Economies
2.15 Stylized Facts
2.16 Suggested Readings
3.1 Accounting Frameworks and Explanatory Models
3.2 A Model of Production
3.3 Agents and Distribution
3.4 Social Accounting Matrix
3.5 Choice of Technique and Production Functions
3.6 Particular Production Functions
3.7 Classifying Technical Change
3.8 Two-Sector Growth-Distribution Schedules
3.10 Suggested Readings
4.1 Models of Economic Growth
4.2 Demand for Labor
4.3 The Classical Conventional Wage Model
4.4 The Neoclassical Full Employment Model
4.6 Growth in Real Economies
4.7 Suggested Readings
5. Models of Consumption and Saving
5.1 A Two-Period Consumption-Saving Model
5.2 An Infinite-Horizon Model
5.3 The Constant Saving Rate Model
5.4 Saving Rates and Growth Rates
5.5 Suggested Readings
6.1 The Classical Conventional Wage Model
6.2 Comparative Dynamics in the Conventional Wage Model
6.3 Labor-Saving Technical Change in the Classical Model
6.4 Choice of Technique in the Classical Model
6.5 A Classical Model of Growth with Full Employment
6.6 Choice of Technique in the Classical Full Employment Model
6.7 Growth and Cycles
6.8 The Classical Approach to Growth
6.9 Suggested Readings
7.1 The Induced Invention Hypothesis
7.2 Induced Technical Change in the Classical Full Employment Model
7.3 Growth Cycles with Induced Technical Change
7.4 Comparative Dynamics
7.5 Conclusions
7.6 Suggested Readings
8. Biased Technical Change in the Classical Model
8.1 The Classical Conventional Wage Share Model with Biased Technical Change
8.2 Viability of Technical Change
8.3 Biased Technical Change and the Fossil Production Function
8.4 The Classical Full Employment Model with Marx-Biased Technical Change
8.5 Reverse Marx-Biased Technical Change
8.6 One Vision of Economic Growth
8.7 Suggested Readings
9.2 Learning by Doing
9.3 R&D Investment in Technical Change
9.4 How Much R&D?
9.5 Steady State Growth with No Persistent Effects of R&D
9.6 Steady State Growth with Persistent Effects of R&D
9.7 Persistent Effects of R&D with a Conventional Wage Share
9.8 Suggested Readings
10.1 The Solow–Swan Model
10.2 The Intensive Production Function
10.3 Saving, Population, and Steady State Growth
10.4 The Solow–Swan Model and the Growth-Distribution Schedule
10.5 The Complete Model
10.6 Substitution and Distribution
10.7 Comparative Dynamics
10.8 Transitional Dynamics
10.9 Limitations of the Solow–Swan Model
10.10 Suggested Readings
11.1 Technical Change and the Production Function
11.2 The Solow–Swan Model with Harrod-Neutral Technical Change
11.3 Growth Accounting
11.4 Classical and Neoclassical Interpretations of the Residual
11.5 Comparative Dynamics in the Solow–Swan Model
11.6 Transitional Dynamics in the Solow–Swan Model
Appendix: Deriving the Convergence Equation
12.1 The Global Crisis
12.2 Measuring Demand Shocks
12.3 Saving, Investment, and Output
12.4 A Model of Demand-Constrained Growth
12.5 Equilibrium in the Demand-Constrained Model
12.6 Comparative Dynamics in the Demand-Constrained Model
12.7 Profit-Led or Wage-Led Growth?
12.8 Long Run or Short Run?
12.9 The Distributive Curve
12.10 The Keynesian Contribution to Growth Theory
12.11 Suggested Readings
Appendix: The Marglin-Bhaduri Model
13.1 Non-Reproducible Resources
13.2 Ricardo’s Stationary State
13.3 Production with Land
13.4 The Capitalist’s Decision Problem with Land
13.5 The Arbitrage Principle
13.6 Equilibrium Conditions
13.7 The Abundant Land Regime
13.8 The Scarce Land Regime
13.9 From the Abundant to the Scarce Land Regime
13.10 Lessons of the Land-Limited Model
13.11 Suggested Readings
14.1 Growth with an Exhaustible Resource
14.2 Production with an Exhaustible Resource
14.3 Saving and Portfolio Choice
14.4 The Growth Path
14.5 Exhaustible Resources in the Real World
14.6 Suggested Readings
15. Corporate Capitalism
15.1 Accounting in the Corporate Capitalist Economy
15.2 Stocks and the Capitalist Decision Problem
15.3 Investment-Saving Equilibrium
15.4 The Corporate Capitalist Model
15.5 Stock Prices and the Asset Market
15.6 The Rentier Capitalist Regime
15.7 The Managerial Capitalist Regime
15.8 The Hybrid Capitalist Regime
15.9 Corporate Saving and the Equity Yield
15.10 Ownership and Control
15.11 An Application
15.12 Suggested Readings
16.1 Government Finance and Accumulation
16.2 Government and Private Budget Constraints
16.3 Saving and Consumption with Selfish Households
16.4 Accounting in the Overlapping Generations Model
16.5 A Classical Overlapping Generations Growth Model
16.6 A Neoclassical Overlapping Generations Growth Model
16.7 Pareto-Efficiency in the Overlapping Generations Model
16.8 Analyzing Social Security and Budget Deficits
16.9 Social Security in the Overlapping Generations Model
16.10 Government Debt in the Overlapping Generations Model
16.12 Suggested Readings
17. Two-ClassModels ofWealth Accumulation
17.1 Worker and Capitalist Saving
17.2 Accounting in the Two-Class Models
17.3 Accumulation with a Conventional Wage
17.4 Accumulation in the Full Employment Model
17.5 Wealth Distribution in the US
17.6 Conclusions
Appendix: Stability in the Full Employment Model
18.1 Global Warming and Economic Growth
18.2 Production with Greenhouse Gas Emissions
18.3 Saving and Portfolio Choice
18.4 The Growth Path with Fossil-Fuel Technology
18.5 The Growth Path with Solar Technology
18.6 Coordinated Growth with Global Warming
18.7 Optimal and BAU Growth Paths
18.8 Centralized and Decentralized Economic Control
18.9 Suggested Readings
References
Index
