Print page

Old and New Growth Theories

An Assessment Edited by Neri Salvadori, Professor of Economics, University of Pisa, Italy
Since the late 1980s, economic growth has again become a central topic in economic theorising. Recent endogenous growth theory has greatly contributed to the development of the field. Old and New Growth Theories analyses the most recent developments in the theory of economic growth and compares these to earlier theories.
Extent: 368 pp
Hardback Price: £104.00 Web: £93.60
Publication Date: 2003
ISBN: 978 1 84376 074 0
Availability: In Stock
£0.00

Join our mailing list

  • Development Studies
  • Development Economics
  • Development Studies
  • Economics and Finance
  • Development Economics
  • Economic Psychology
  • History of Economic Thought
Since the late 1980s, economic growth has again become a central topic in economic theorising. Recent endogenous growth theory has greatly contributed to the development of the field. Old and New Growth Theories analyses the most recent developments in the theory of economic growth and compares these to earlier theories.

The book’s originality is due in part to the assembly of contributions from scholars of different persuasions – some within the mainstream and others from Keynesian, Kaleckian and Sraffian traditions. The authors deal with a comprehensive variety of research topics including the key elements necessary to generate growth, the mechanisms of endogeneity of growth and technical change, the role of aggregate demand and of investment in physical and human capital. Economic policy issues are also considered.

The book will be appreciated by scholars of economic growth, macroeconomics, classical and Keynesian economics as well as historians of economic thought.
‘Researchers and advanced students who are interested in growth theory will gain a good introduction to current debates on the NGT.’
– Cheol-Soo Park, Review of Political Economy
Contributors: N.H. Barbosa-Filho, A. Bucci, M.R. Carillo, R. Chandra, G. Costa, G. Cozzi, A.K. Dutt, T.S. Eicher, C. Garcia-Peñalosa, F. Guala, M.A. Landesmann, C. Panico, A. Salanti, R.J. Sandilands, M. Setterfield, I. Steedman, R. Stehrer, A.P. Thirlwall, S.J. Turnovsky, A. Zazzaro
Contents: Introduction 1. Old and New Growth Theories: A Unifying Structure? 2. ‘Old’ Thoughts on ‘New’ Growth Theory 3. Old and New Growth Theories: What Role for Aggregate Demand? 4. New Growth Theory, Effective Demand, and Post-Keynesian Dynamics 5. Exogenous and Endogenous Growth in the Solow and Arrow Models, and the Swan Proposition 6. Model Robustness in ‘Old’ and ‘New’ Growth Theory 7. On ‘Measuring’ Knowledge in New (Endogenous) Growth Theory 8. On the Mechanics of Technical Change: New and Old Ideas in Economic Growth 9. Technical Change, Effective Demand and Economic Growth 10. Schumpeterian Growth Theory and Schumpeter’s Monetary Ideas: A Suggested Integration 11. Distribution and Policy in the New Growth Literature 12. Does Investment Cause Growth? A Test of an Endogenous Demand-Driven Theory of Growth Applied to India 1950–96 13. When Romer Meets Lucas: On Human Capital, Imperfect Competition and Growth 14. The Enigma of Medieval Craft Guilds: A Model of Social Inertia and Technological Change 15. Effective Demand and Growth in a One-Sector Keynesian Model 16. Neo-Kaleckian Growth Dynamics and the State of Long-run Expectations: Wage- versus Profit-Led Growth Reconsidered Index