Growth, Distribution and Prices
By (author) Stephen A. Marglin
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Growth, Distribution and Prices by Stephen A. Marglin
Book DescriptionWhat determines the rate of growth, the distribution of income, and the structure of relative prices under capitalism? What, in short, makes capitalist economies tick? This watershed treatise analyzes the answers to these questions provided by three major theoretical traditions: neoclassical, neo-Marxian, and neo-Keynesian. Until now, the mutual criticism exchanged by partisans of the different traditions has focused disproportionately on the logical shortcomings of rival theories, or on such questions as whether or not input-output relationships can be described by a continuous-substitution production function.In this book, these are at best secondary issues. The real distinguishing features of the theories, for Marglin, are their characterization of labor markets and capital accumulation. For clarity, Marglin first sets out the essential features of each theory in the context of a common production model with a single good and a fixed-coefficient technology. He then formalizes the different theories as alternative ways of closing the model. In subsequent chapters he examines the effects of relaxing key simplifying assumptions, in particular the characterization of technology and the homogeneity of output and capital. And although his primary emphasis is theoretical, he does not ignore the problem of empirically testing the theories. Finally, he synthesizes the insights of the neo-Marxian and neo-Keynesian models into a single model that transcends the shortcomings of each taken separately.Marglin anticipates that partisans of the different traditions will agree on one point: each will allow that the book reveals the shortcomings of the other theories but will insist that it fails utterly to reflect the power and majesty of one's own particular brand of truth. "Growth, Distribution, and Prices" will be controversial, but it will not be ignored.
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Book DetailsISBN: 9780674364165
(250mm x 150mm x 33mm)
Imprint: Harvard University Press
Publisher: Harvard University Press
Publish Date: 1-Jul-1987
Country of Publication: United States
Books By Author Stephen A. Marglin
Dismal Science, Paperback (April 2010)
Dissects the ways in which the foundational assumptions of economics justify a world in which individuals are isolated from one another and social connections are impoverished as people define themselves in terms of how much they can afford to consume.
Decolonizing Knowledge, Hardback (April 1996)
This book argues that the linear evolutionary paradigm of development that comes out of the modern Western view of knowledge is a contemporary form of colonialism. The authors propose a pluralistic vision and a decolonization of knowledge; the replacement of one-way transfers of knowledge and technology by dialogue and mutual learning.
Golden Age of Capitalism, Paperback (January 1992)
This study seeks to understand the rise and fall of the "golden age" of monetarist capitalism enjoyed by Western countries from the end of World War II until the 1960s. Blending historical analysis with economic theory, it questions the basis of present policy-making and provides policy proposals.
Dominating Knowledge, Hardback (August 1990)» View all books by Stephen A. Marglin
This volume investigates the ways in which development strategies have affected traditional cultural values and social practices. Some of the positions advanced are controversial, all are imaginative and will provoke thought and reassessment in the field.
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Author Biography - Stephen A. Marglin
Stephen A. Marglin is Walter Barker Professor of Economics at Harvard University.
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