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The General Theory of Transformational Growth: Keynes after Sraffa
Hardback
Main Details
| Title |
The General Theory of Transformational Growth: Keynes after Sraffa
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| Authors and Contributors |
By (author) Edward J. Nell
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| Physical Properties |
| Format:Hardback | | Pages:816 | | Dimensions(mm): Height 238,Width 160 |
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| Category/Genre | Economic theory and philosophy |
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| ISBN/Barcode |
9780521590068
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| Classifications | Dewey:330.156 |
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| Audience | | Professional & Vocational | |
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| Illustrations |
90 Tables, unspecified; 69 Line drawings, unspecified
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Publishing Details |
| Publisher |
Cambridge University Press
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| Imprint |
Cambridge University Press
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| Publication Date |
13 July 1998 |
| Publication Country |
United Kingdom
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Description
For the past century, economic analysis has been wedded to the idea of equilibrium, in spite of the evident fact that most economic relationships are in flux. The theory of transformational growth in this work replaces equilibrium with history. The role of the market is not to allocate resources, but to generate innovations, which are "selected" by competition in an evolutionary process. These innovations in turn change the way markets work and how they adjust, thus creating new problems and new kinds of pressures to innovate. The core relationships provide the foundations for a theory of monetary circulation, which makes possible a revised Keynesian approach, based on Classical foundations.
Reviews"Presents a theory of transformational growth that replaces equilibrium with history." Journal of Economic Literature
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