Economic Dynamics

1. Front Matter

   Pages N2-X

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2. Introduction

   • Wei-Bin Zhang

   Pages 1-5

3. The Economic Development Problem

   • Wei-Bin Zhang

   Pages 6-21

4. Growth Theory Revised — From Quantitative Aspect

   • Wei-Bin Zhang

   Pages 22-46

5. A Revision of Real and Monetary Dynamic Models

   • Wei-Bin Zhang

   Pages 47-74

6. Prices, Growth Rates and Interest Rates in the Dynamic Context of Multisector Models

   • Wei-Bin Zhang

   Pages 75-100

7. Growth Rate Controlled and Economic Dynamics in a Multisector Model

   • Wei-Bin Zhang

   Pages 101-122

8. The Choice of Techniques

   • Wei-Bin Zhang

   Pages 123-142

9. Technological Policy and Economic Development — A Neoclassical Approach

   • Wei-Bin Zhang

   Pages 143-164

10. Technological Policy and Economic Development — Multisector Approach

    • Wei-Bin Zhang

    Pages 165-185

11. Conclusion and Prospects for Further Research

    • Wei-Bin Zhang

    Pages 186-199

12. Back Matter

    Pages 200-234

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The theory of economic development is a branch of economic dynamics. Any discussion of the theory must involve dynamics even though not all dynamic problems are necessarily related to economic development. The theory's primary locus is upon the nice paths of economic variables. Stationary states, which have been the main concern of modem economic development theory, are actually special cases of economic dynamics. In this study, we propose an economic development theory within the framework of input-output systems and neoclassical economics. No political problems will be dealt with, although this does not mean that questions such as why Japan had a higher growth rate than China in the past are not important. Similarly, rather than dealing with the psychological and institutional aspects of in economic development processes we only suggest ways (or methods, as Hicks would call them) for analyzing what determines economic development from the point of view of "pure" economics. Our main contribution to economic growth theory is that we investigate various nonlinear dynamic phenomena such as bifurcations and economic cycles. We emphasize that oscillations and structural changes are not rare but universal in a progressive economy. No economic system can be stabilized forever if change is permitted.

• Development
• Entwicklung
• Growth
• Inflation
• Structural Changes
• Strukturwandel
• Wachstum

• Institute for Futures Studies, Stockholm, Sweden

  Wei-Bin Zhang