This thoroughly revised second edition contains both new and extensively updated contributions from a new generation of scholars, providing an expansive overview of alternative theories of economic growth. Current important controversies are reviewed, including public debt dynamics and the relationship between growth and climate change.
This thoroughly revised second edition contains both new and extensively updated contributions from a new generation of scholars, providing an expansive overview of alternative theories of economic growth. Current important controversies are reviewed, including public debt dynamics and the relationship between growth and climate change.
The expert contributors provide comprehensive discussions on subjects including the relationship between distribution and growth, the nature and role of technical change and human capital accumulation, and international dimensions of growth. They further highlight the intersections with political economy, feminist economics and the economics of climate change, as well as the link between growth and both public and private (household and corporate) finance. Building on the first edition, the new and updated chapters add to and further develop existing alternative theories of economic growth.
The thought-provoking insights offered by the book’s thorough analysis will ensure this is an excellent resource for economists, graduate students, and advanced undergraduate students of classical, evolutionary and Post-Keynesian economics.
Arvustused
The long-awaited second edition of this Handbook nicely collects the latest research developments of alternative growth theories including classical, post-Keynesian, and evolutionary economics. It usefully provides us with both current status of and controversies within this field and is a must-read for experts and also a useful guide for those who aspire to this field. -- Hiroaki Sasaki, Kyoto University, Japan The Handbook of Alternative Theories of Economic Growth, presents and explores, theoretically and empirically, several models and approaches, such as classical, institutional and evolutionary, and Post-Keynesian, in terms of the income-generating process of a capitalist economy. The chapters of this book are essential for understanding economic growth in the real world. Not to mention that Professor Setterfield is one of the foremost Post-Keynesian economists. -- Fernando Ferrari Filho, Federaç University of Rio Grande do Sul, Brazil
Contents
An introduction to Alternative Theories of Economic Growth, second edition
Mark Setterfield
PART I ALTERNATIVE THEORIES OF ECONOMIC GROWTH: AN OVERVIEW
1 The classical model of growth and distribution 3
Daniele Tavani
2 Evolutionary growth theory 31
Giovanni Dosi and Andrea Roventini
3 The KaleckiRobinson tradition in post-Keynesian growth theory 65
Mark Setterfield
4 Kaldorian growth theory 87
Robert A. Blecker
5 The simple analytics of the Sraffian supermultiplier 107
Franklin Serrano, Gustavo Bhering, Ricardo Summa and Fabio Freitas
6 Forty years of thinking about demand-led growth through a Harrodian lens
125
Steven M. Fazzari
7 An exploration of neo-Goodwinian theory of cyclical growth 145
Codrina Rada, Ansel Schiavone and Rudiger von Arnim
8 Advances in Latin American Structuralism and center-periphery models 169
Gabriel Porcile
PART II TECHNICAL CHANGE, HUMAN CAPITAL ACCUMULATION, AND THE NATURAL RATE
OF GROWTH
9 Technical change in alternative theories of growth 189
Luca Zamparelli
10 Human capital accumulation and output growth in demand-led macrodynamics
213
Gilberto Tadeu Lima, Laura Barbosa de Carvalho and Gustavo Pereira Serra
11 Feasible egalitarianism: demand-led growth, distribution and technology
239
C.W.M. Naastepad and Servaas Storm
12 Reconciling the actual and natural rates of growth in demand-led growth
models 263
Selen Ozcelik and Mark Setterfield
PART III CONTROVERSIES IN ALTERNATIVE THEORIES OF ECONOMICS GROWTH
13 Models of growth, instability and cycles 287
Peter Skott
14 Surveying short- and long-run stability issues with the Kaleckian model of
growth 315
Marc Lavoie
15 Evidence on Goodwin cycles across the US golden age and neoliberal era
343
Jose Barrales-Ruiz, Codrina Rada and
Rudiger von Arnim
16 The Sraffian Supermultiplier and the exogenous growth debate 367
Ricardo Summa, Franklin Serrano and
Fabio Freitas
17 The utilization controversy 383
Michalis Nikiforos
18 Distribution and demand: the empirical debate 405
Özlem Onaran
PART IV APPLICATIONS AND EXTENSIONS OF ALTERNATIVE THEORIES OF ECONOMIC
GROWTH
19 Comparative political economy and alternative theories of economic growth
423
Engelbert Stockhammer
20 Public debt and economic growth 441
Juan Carlos Moreno-Brid, Esteban Pérez
Caldentey, Lorenzo Nalin and Edgar
Pérez-Medina
21 Incorporating feminist insights into alternative theories of economic
growth 475
Özlem Onaran and Cem Oyvat
22 Export-led growth, real exchange rates and the fallacy of composition 495
Arslan Razmi and Robert A. Blecker
23 Trade and growth in Latin America: elucidating the investment requirements
consistent with the balance-of-payments constraint 513
Esteban Pérez Caldentey, Juan Carlos
Moreno-Brid and Edgar Pérez-Medina
24 The triangle of economic activity, inequality and green transition in
South Africa 533
Ozlem Omer and Jeronim Capaldo
25 Financialisation and demand and growth regimes 733
Eckhard Hein and Till van Treeck
26 Household credit, consumption behaviors and institutions, and sustainable
economic growth 751
Yun K. Kim
Edited by Mark Setterfield, New School for Social Research, New York, USA
