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The Nature of Economic Growth
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The Nature of Economic Growth

An Alternative Framework for Understanding the Performance of Nations

9781840648645 Edward Elgar Publishing
A.P. Thirlwall, Professor of Applied Economics, University of Kent, Canterbury, UK
Publication Date: 2002 ISBN: 978 1 84064 864 5 Extent: 128 pp
This concise book, by one of the leading scholars in development economics, has been developed from a series of lectures given to masters students and will serve as an excellent introduction to the principles of growth and development theory.

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Contents
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This concise book, by one of the leading scholars in development economics, has been developed from a series of lectures given to masters students and will serve as an excellent introduction to the principles of growth and development theory.

The author presents conventional wisdom with a critical eye and charts development economics as it has evolved from Adam Smith to ‘new’ or endogenous growth theory. Thirlwall is critical of the latter, and its predecessor neo-classical growth theory, and tries to put back demand as a driving force in growth theory. He argues that in an open developing economy one of the major constraints is the availability of foreign exchange to pay for imports, so that export growth which relaxes a balance of payments constraint on demand becomes a crucial determinant of overall growth performance. Demand creating its own supply in a growth context, rather than the pre-Keynesian view of supply creating its own demand, provides an alternative framework to the neo-classical one for understanding the differential growth performance of nations.

This highly original book will be essential reading for all students and scholars of development and growth economics.
Critical Acclaim
‘. . . the book succeeds brilliantly in its main aim, which is to review the key aspects of existing theory, offer an alternative point of view together with many important insights, and show a way forward. It is worth reading and re-reading by any serious, critical and open-minded student of growth and it should greatly contribute to a fruitful dialogue and synthesis between competing schools of thought.’
– Christopher Tsoukis, Journal of Development Studies
Contents
Contents: Preface 1. Growth Theory in the History of Thought 2. Neoclassical and ‘New’ Growth Theory: A Critique 3. Manufacturing Industry as the Engine of Growth 4. A Demand-Oriented Approach to Economic Growth: Export-Led Growth Models 5. Balance of Payments Constrained Growth: Theory and Evidence 6. The Endogeneity of the Natural Rate of Growth Bibliography Index
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