Resources, Production and Structural Dynamics

Description

Economists since the First Industrial Revolution have been interested in the links between economic growth and resources, often pointing to resource scarcities as a hindrance to growth. Offering a counter perspective, this volume highlights the positive role that scarcities can play in inducing technical progress and economic growth. It outlines a structural framework for the political economy of scarcity and rents, and offers a novel way of organizing the evidence concerning the role of resources in industrial growth. This book proposes a major shift in the treatment of scarcity issues by focusing on bottlenecks and opportunities arising within the production system, and will appeal to economists and policy makers interested in the role of resources as triggers of structural change.

Mauro L. Baranzini is Professor of Economics at the University of Lugano, Switzerland. He is also a Fellow of the National Lincei Academy, Rome which in 2009 awarded him, together with Andreu Mas-Colell, a prize for his contribution to economic theory. He contributed widely to the Cambridge theory of income, wealth distribution and accumulation. Claudia Rotondi is Professor of Development Economics at the Catholic University of Milan. Her research interests focus mainly on the economics of institutions, taking into account the history of economic thought, and analysing the role of liberalism in economic policy, social market economy, the contribution of institutional economists, the circulation of economic ideas, and the origin of economic schools. Roberto Scazzieri is Professor of Economic Analysis at the University of Bologna. He is also Senior Member of Gonville and Caius College and Life Member of Clare Hall, Cambridge. His research interests cover the theory of production, structural economic dynamics, the economic theory of institutions and organisation, the epistemology of economics, and the history of economic analysis. He is a Fellow of the National Lincei Academy, Rome, which in 2004 awarded him the Economics Linceo Prize for his contribution to structural economic analysis.

'Post-crisis economic thought is mainly focussed on macro-economics or financial markets, usually ignoring the fact that political economy is, and always has been, their critical setting. Exceptionally, this major work by leading scholars treats the long-standing topics of political economy - resources, scarcities and rents - in a coherent modern framework important for both theory and future policy.' Michael Dempster, University of Cambridge 'This marvellous collection brings together some of the finest scholars interested in the questions arising from the subtle and complex interplay between natural resources, technological change, and political economy. This is a sophisticated and wide-ranging volume, on a timely and important topic.' Joel Mokyr, Northwestern University, Illinois 'This book is a great example of how economic theories and applied economics can really support political decisions. The analysis based on structural dynamics helps the reader in understanding even hidden links between different economic systems and markets, especially in the long run. A new tool of political economy for scholars and decision makers.' Romano Prodi, University of Bologna and former President of the European Commission