Theory of Economic Growth

By Michio Morishima | Go to book overview

Contents
Part I THE PROTOTYPE
I WALRAS-TYPE MODEL OF MATCH-BOX SIZE 3
1 Introduction—towards a multi-sectoral growth analysis.
2 A 'match-box' model of general equilibrium.
3 Existence of a short-run equilibrium.
4 Its uniqueness.
5 Its Pareto optimality.
6 Investment function implied—a neo-classical growth.
II POSSIBILITY OF PERSISTENT GROWTH EQUILIBRIUM 20
1 Price-guided choice of techniques and factor-price frontiers.
2 The degree of mechanization problem: a digression.
3 The warranted rate of growth.
4 The natural rate of growth.
5 An alternative approach due to Hicks.
6 The synthesis.
III A NEO-CLASSICAL PASSAGE TO GROWTH EQUILIBRIUM 44
1 Solutions of predecessors.
2 The effect on wages of a solitary increase in the stock of capital: the standard case.
3 When labour is free.
4 At the singular points.
5 A stability criterion in terms of the warranted and the natural rate of growth.
6 The general rule.
7 The speed of convergence to the Silvery Equilibrium.
IV HARRODIAN KNIFE-EDGE IN A KEYNES-TYPE 'FIXPRICE' ECONOMY 59
1 Price flexibility and full employment.
2 Possibility of a Keynesian short-run equilibrium with unemployment.
3 The Harrodian investment function induces centrifugal forces around the Silvery Equilibrium.
4 Necessity of unemployment in a 'fixprice' economy.
5 Can the Iron Rule be avoided?
V TOWARDS MORE DISAGGREGATED MODELS 67
1 Many consumption goods.
2 Heterogeneity of consumption goods does not affect the stability criterion.
3 Many capital goods and the possibility of 'stability-instability'.
4 The Generalized Leontief Model.
5 A shift in the saving function from the 'uniclass' to the Cambridge type—the Golden Equilibrium.
6 The dual stability-instability theorem.
Part II THE VON NEUMANN REVOLUTION
VI ECONOMIC IMPLICATIONS OF THE 'REVOLUTION' 89
1 Technological aspects of the von Neumann revolution.
2 His specification and symbolization of production processes.
3 Two interpretations of the original von Neumann model: genuine and bastard.
4 Introduction of consumer's choice.
5 Equilibrium within a period.
6 The working of the system over time: Temporary Equilibrium Approach versus Balanced Growth Approach.
7 'Pasinetti' or 'anti-Pasinetti' solution.
8 The Generalized Leontief Model revisited.

-viii-

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