The General Theory of Transformational Growth
Keynes After Sraffa
By (author) Edward J. Nell
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General Theory of Transformational Growth by Edward J. Nell
Book DescriptionFor the last 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. Different historical periods can be distinguished with a new one perhaps on the horizon. In each a distinctive style of technology prevails, associated with corresponding institutions and patterns of market behavior. The core relationships provide the foundations for a theory of monetary circulation, which makes possible a revised Keynesian approach, based on Classical foundations.
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Book DetailsISBN: 9780521023597
(228mm x 152mm x 41mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 24-Nov-2005
Country of Publication: United Kingdom
Books By Author Edward J. Nell
General Theory of Transformational Growth, Hardback (July 1998)
This book attempts a comprehensive rethinking of economics, including a revision of methodology, redrawing the line between micro and macro.
Transformational Growth and the Business Cycle, Hardback (December 1997)
This book explores market adjustments in two distinct historical periods, 1870-1914 and 1945-the present, focusing on the USA, United Kingdom, Canada, Germany, Japan and Argentina.
Making Sense of a Changing Economy, Paperback (April 1996)
This text presents an unorthodox view of the current state of economic theory and policies. Deriding the general trend for "econobabble", the author explains the reason why conventional wisdom in economics now seems irrelevant and looks to likely future scenarios.
Growth, Profits and Property, Paperback (August 1984)» View all books by Edward J. Nell
This collection of essays is designed to present the variety, complexity, and power of non-neoclassical economic thinking to serious undergraduates.
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