This book examines the concept of Transformational Growth from a number of different historical and geographical perspectives. Transformational Growth sees the economy as an evolving system in which the market selects and finances innovations, changing the character of costs and affecting the pattern of market adjustment. This creates the possibility that markets will work differently in particular historical periods. This book explores market adjustments in two distinct historical periods, 1870-1914 and 1945-the present. The book focuses on six countries: USA, United Kingdom, Canada,...
This book examines the concept of Transformational Growth from a number of different historical and geographical perspectives. Transformational Growth...
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...
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 ...
Economics is probably the most subtle, precise and powerful of the social sciences and its theories have deep philosophical import. Yet the dominant alliance between economics and philosophy has long been cheerfully simple. This is the textbook alliance of neo-Classicism and Positivism, so crucial to the defence of orthodox economics against by now familiar objections. This is an unusual book and a deliberately controversial one. The authors cast doubt on assumptions which neo-Classicists often find too obvious to defend or, indeed, to mention. They set out to disturb an influential concensus...
Economics is probably the most subtle, precise and powerful of the social sciences and its theories have deep philosophical import. Yet the dominant a...
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...
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 ...
An examination of the role of Nicholas Kaldor within economics. Topics covered range from Kaldor's discovery of the Von Neumann input-output model, to cyclical growth in a Kaldorian model, to Nicholas Kaldor as advocate of commodity reserve currency.
An examination of the role of Nicholas Kaldor within economics. Topics covered range from Kaldor's discovery of the Von Neumann input-output model, to...
A collection of essays which develop Professor Nell's economic theory of transformational growth. The author's previous titles include "Free Market Conservatism: A Critique of Theory and Practice" and "Beyond the Steady State: A Revival of Growth Theory."
A collection of essays which develop Professor Nell's economic theory of transformational growth. The author's previous titles include "Free Market Co...
Edward J. Nell Heike Raphael-Hernandez Shannon Steen
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...
This collection of essays develops Edward Nell's influential theory of transformational growth. Nell sets established concepts such as the classica...