The General Theory of Transformational Growth: Keynes After...

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The General Theory of Transformational...

The General Theory of Transformational Growth: Keynes After Sraffa

Name: The General Theory of Transformational Growth: Keynes After Sraffa
ISBN: 9780521590068

Edward J. Nell

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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.

Categorie:

Business & Economics

Anno:

1998

Casa editrice:

Cambridge University Press

Lingua:

english

Pagine:

814

ISBN 10:

052159006X