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portada The General Theory of Transformational Growth: Keynes After Sraffa
Type
Physical Book
Publisher
Author
Year
1998
Language
English
Pages
816
Format
Hardcover
ISBN
052159006x
ISBN13
9780521590068
Categories

The General Theory of Transformational Growth: Keynes After Sraffa

Edward J. Nell (Author) · Cambridge University Press · Hardcover

The General Theory of Transformational Growth: Keynes After Sraffa - Edward J. Nell

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Synopsis "The General Theory of Transformational Growth: Keynes After Sraffa "

For the last century, economic analysis has been wedded to the idea of equilibrium, in spite of the evident fact that most economic relationships are in flux. The theory of transformational growth in this work replaces equilibrium with history. The role of the market is not to allocate resources, but to generate innovations, which are 'selected' by competition in an evolutionary process. These innovations in turn change the way markets work and how they adjust, thus creating new problems and new kinds of pressures to innovate. Different historical periods can be distinguished with a new one perhaps on the horizon. In each a distinctive style of technology prevails, associated with corresponding institutions and patterns of market behavior. The core relationships provide the foundations for a theory of monetary circulation, which makes possible a revised Keynesian approach, based on Classical foundations.

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