Economics in a Changing World

Volume 5 Economic Growth and Capital and Labour Markets

  • Jean-Paul Fitoussi

Part of the International Economic Association Series book series (IEA)

Table of contents

  1. Front Matter
    Pages i-xxxii
  2. Growth and Institutions

  3. Developments in the Theory of Growth

    1. Front Matter
      Pages 83-83
    2. Frank Hahn
      Pages 85-100
    3. Philippe Aghion, Peter Howitt
      Pages 101-122
    4. Edmond Malinvaud
      Pages 123-141
  4. Capital and Labour Markets

    1. Front Matter
      Pages 143-143
    2. John Y. Campbell
      Pages 176-185
    3. Sharone L. Maital, Shlomo Maital
      Pages 186-209
    4. William H. Branson
      Pages 210-220

About this book


Growth patterns have changed radically over the last two decades, to which capital and the labour markets appear to have failed to adapt. Unemployment in Europe has been growing, almost without remission, to levels unseen since the Great Depression. These facts are somewhat at odds with the development of growth theory which has mainly been orientated towards an equilibrium full employment framework. The main message of equilibrium theory of fluctuations was precisely that the policy maker is impotent. Now, with the universal acceptance of endogenous growth theory, the common concensus proposition would be `we are all neo-classical for the short run and Keynesian for the long run' (investment being too important for growth to be left entirely in private hands).


depression economic growth employment growth growth theory interest rates Keynes labor market macroeconomics migration unemployment

Editors and affiliations

  • Jean-Paul Fitoussi
    • 1
    • 2
  1. 1.Institut d’Études PolitiqueParisFrance
  2. 2.Observatoire Français des Conjonctures Économiques, and IEAParisFrance

Bibliographic information