Towards a Dynamic Economics: Some Recent Developments of Economic Theory and Their Application to Policy

Towards a Dynamic Economics: Some Recent Developments of Economic Theory and Their Application to Policy

Towards a Dynamic Economics: Some Recent Developments of Economic Theory and Their Application to Policy

Towards a Dynamic Economics: Some Recent Developments of Economic Theory and Their Application to Policy

Excerpt

These lectures were composed during the autumn of 1946 and delivered in the University of London in February 1947. When I received the invitation to give this course, it seemed to me that this would be a fitting occasion for me to resume the thread of my thinking, which had been broken in 1939, and compose a recapitulation covering certain broad aspects of the development of economic theory and its application to policy.

I was conscious, however, of a handicap. The war had meant for me a total interruption, lasting for more than six years, to my reading and study. In the main my official work had lain quite outside my normal field of interests, although it was my good fortune to have the opportunity of following the Anglo-American discussions on post-war reconstruction closely. I was aware that important books and articles had appeared abroad during this period, and that, in the brief time available and with the pressure of post-war academic duties allowing little leisure, I should not be able to make up leeway. I owe an apology to those writers overseas whose recent contributions to the subject may appear to have been neglected in these pages.

The idea which underlies these lectures is that sooner or later we shall be faced once more with the problem of stagnation, and that it is to this problem that economists should devote their main attention. Meanwhile the period of transition continues to stretch out before us. Indeed now at the outset of 1948 the path still to be traversed . . .

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