Economic Dynamics: Growth and Development

ISBN-13: 9783540532170 / Angielski / Miękka / 1990 / 232 str.

Wei-Bin Zhang

Opis

Concentrating on economic growth and development, this treatise proposes an economic development theory within the framework of input-output systems and neo-classical economics. Standard topics in growth theory are re-examined in the light of recent results in nonlinear dynamic theory.

Spis treści

I. The Economic Development Problem.- 1. Economic Development.- 2. A General Historical Sketch of Growth Theory.- 3. Development Indicators.- 4. Short Term versus Long Term.- 5. Fast Variable versus Slow Variable.- 6. Equilibrium versus Non-equilibrium.- 7. Stability versus Instability.- II. Growth Theory Revised — From Quantitative Aspect.- 1. The Neoclassical Approach to Growth.- 2. The One Sector Model of Technological Changes Within the Framework of the Neoclassical Approach.- 3. A Growth Model With Exhaustible Resources and Endogenous Population.- 4. Distribution of Income and Wealth in the Neoclassical One Sector Growth Model.- 5. The Two Sector Models.- 6. Multiple Sector Models — The extended neoclassical model.- 7. Production Functions in Growth Models.- III. A Revision of Real and Monetary Dynamic Models.- 1. Money in Economic Theory.- 2. The One Sector Model With Money Within the Framework of the Neoclassical Approach.- 3. On the Generalized Tobin Model.- 3-1. The generalized Tobin model.- 3-2. Short-run analysis.- 3-3. Long-run analysis.- 3-4. Instability and the business cycle.- IV. Prices, Growth Rates and Interest Rates in the Dynamic Context of Multisector Models.- 1. Introduction.- 2. The Input-Output System With Neoclassical Production Functions.- 3. The Existence of Short-Run Equilibria With Endogenous Interest Rate.- 4. The Existence of Equilibrium for a Fixed Interest Rate.- 5. The Interest Rate and Investment Coefficient Matrix.- 6. The Relations Between Growth, Interest and Inflation Rates in the von Neumann Dynamic Model — An extended concept of balanced growth.- V. Growth Rate Controlled and Economic Dynamics in a Multisector Model.- 1. Introduction.- 2. Economic Dynamics With Maximization of Welfare.- 3. Economic Cycles in the Case of One Sector.- 4. Properties of the Multiple Sector Model.- 5. Stabilization With Growth Rate Adjustment.- 6. Further Interpretations of the Dynamic System.- 7. Conclusions.- VI. The Choice of Techniques.- 1. The Choice of Techniques in a Simple Growth Model.- 2. The Basic Model of Leontief Technology and Some of Its Fundamental Properties With One Technique.- 3. The Model of Leontief Technology With Many Alternative Techniques.- 4. Dynamic Behavior of the Model With Many Alternative Techniques.- 5. The Impossibility of Reswitching in the Continuous Substitution Model.- VII. Technological Policy and Economic Development — A Neoclassical Approach.- 1. Technological Change in Economic Development.- 2. The Model.- 3. Equilibrium and Stability.- 4. The Effects of Changes in Some Parameters.- 4-1. The effects of the knowledge workers’ consumption.- 4-2. The effects of “learning by doing”.- 4-3. The effects of change of intellectuals’ efficiency.- 4-4. The effects of population growth and population structures.- 5. Effects of Changes in the Population Growth Rate in the Case of Instability.- 6. Conclusions.- VIII. Technological Policy and Economic Development — Multisector Approach.- 1. The Basic Model.- 2. Some Properties of the Basic System.- 3. Technological Change of “Learning by Doing”.- 4. Technological Change due to Investment in Training.- 5. A Growth Model of “Hybrid” Technological Change.- 6. Some Comments.- IX. Conclusion and Prospects for Further Research.- 1. Summary.- 2. How To Close Dynamic Models — The neoclassical, neo-Marxian and neo-Keynesian approaches.- (a) The neoclassical approach.- (b) The neo-Marxian approach.- (c) The neo-Keynesian approach.- (d) Some comments.- Appendix. Nonlinear Dynamic System Theory.- A.1. Ordinary Differential Equations and Existence of Solutions.- A.2. Stability.- A.3. Linearization Principle and Its Valid Domain.- A.4. Limit Cycles in Two Dimension — The Poincaré-Bendixson theory.- A.5. Bifurcations.- A.6. Limit Cycles — The Hopf bifurcation theorem.- A.7. Maps.- A.8. Chaos.- A.9. The Logistic Map — An example of chaos.- References.