Transformational Growth and the Business Cycle
Edited by Edward J. Nell
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Transformational Growth and the Business Cycle by Edward J. Nell
Book DescriptionThis 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, Germany, Japan and Argentina. In all cases the earlier period, dominated by craft-based technologies, proves to be the one in which markets adjust through a weakly stabilising price mechanism. By contrast, in the later period, in all cases, with the exception of Argentina, there is no evidence of such a price mechanism, but in its place can be seen a multiplier-accelerator process which, arguably, reflects a change of technology to mass-production.
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Book DetailsISBN: 9780415148559
(234mm x 156mm x 32mm)
Publisher: Taylor & Francis Ltd
Publish Date: 11-Dec-1997
Country of Publication: United Kingdom
Books By Author Edward J. Nell
General Theory of Transformational Growth, Paperback (November 2005)
This book attempts a comprehensive rethinking of economics, including a revision of methodology, redrawing the line between micro and macro.
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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Author Biography - Edward J. Nell
Edward Nell is Matthew B. Smith Professor of Economics at the New School for Social Research, New York. He is the author of Making Sense of a Changing Economy, (Routledge, 1996).
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