Equilibrium, Stability and Growth A Multi-Sectoral Analysis

Theory of Economic Growth

This book, by a distinguished Japanese economist now resident in the West, offers a new interpretation of the current success of the Japanese economy. By placing the rise of Japan in the context of its historical development, Michio Morishima shows how a strongly-held national ethos has interacted with religious, social and technological ideas imported from elsewhere to produce highly distinctive cultural traits. While Professor Morishima traces the roots of modern Japan back as far as the introduction of Confucianism, Taoism and Buddhism from China in the sixth century, he concentrates his...

This book is a stimulating and original introduction to the economics of industrial society. It is intended for use as a student text, but will also be of interest to all those - whether students or teachers - looking for new ways of understanding the economic problems of industrialised countries. It provides an effective critique of current economic theories, and develops an original model of the economics (whether neo-classical, Marxist, or Keynesian) of modern industrial society. Throughout the book the analysis is oriented towards the solution of problems in the real world, and towards...

Together with Marx's Economics and Walras' Economics this book completes a sequence by Professor Morishima on the first generation of scientific economists. The author concentrates on Ricardo's main work, The Principles, and shows that his economics is the prototype of mathematical economics without the symbols and formulae. Morishima then translates Ricardo's economics into mathematical language to find a general equilibrium system concealed within. The analysis contradicts the conventional view that marginalism emerged in opposition to classical economics, showing instead that Ricardian...

Contemporary general equilibrium theory is characteristically short-run, separated from monetary aspects of the economy, and as such does not deal with long-run problems such as capital accumulation, innovation, and the historical movement of the economy. These phenomena are discussed by growth theory, which being short term, cannot deal with the fundamental problem of how the production function is derived. This book provides a much-needed synthesis of growth and monetary theory, drawing on the work of Schumpeter, Keynes and the prewar neoclassical economists to formulate a capital-theoretic...

This book brings together in a single coherent framework a research program begun by the author over forty years ago. It aims to develop multisector general equilibrium theory in the tradition of Hicks's Value and Capital, and extends the prototype model to accommodate the analysis of the monetary sector as well as production and consumption. The stability of temporary equilibrium is examined for both linear and nonlinear cases along with the economic path that the theory generates.

When Professor Morishima's book Why has Japan 'Succeeded'? (1982) was published, Japan was still a country of 'capitalism from above'. For the past ten years the country's economy has faltered and declined. It is turning towards 'capitalism from below' despite Japan's weak democracy. This directional change is investigated through a variety of standpoints, using an in-depth knowledge of the Japanese ethos, national history, educational background, as well as the sociology of the Japanese economy and business world. The author offers a long-term forecast for the future of Japan.

In Collaborative Development in Northeast Asia, Michio Morishima is concerned with an imaginary world as Joseph A. Schumpter was in Capitalism, Socialism and Democracy . Unlike his model, Morishima's explicitly assumes that both 'politicians' and 'entrepreneurs' are active in making innovations in the political and business worlds respectively. Only then would an Asian Community made up of China, Japan, two Koreas and Taiwan be possible. He examines how the Community would work and argues that it is the only hope for Asia's revival.

This book brings together in a single coherent framework a research program begun by the author over forty years ago. It aims to develop multisector general equilibrium theory in the tradition of Hicks's Value and Capital, and extends the prototype model to accommodate the analysis of the monetary sector as well as production and consumption. The stability of temporary equilibrium is examined for both linear and nonlinear cases along with the economic path that the theory generates.