© 1997

Rapid Growth and Relative Decline

Modelling Macroeconomic Dynamics with Hysteresis


Table of contents

  1. Front Matter
    Pages i-xv
  2. Economic Modelling: Some Methodological Considerations

    1. Front Matter
      Pages 1-4
  3. Modelling Macroeconomic Systems with Hysteresis: Growth and Structural Change in Capitalist Economies

  4. The Evolution of a Macroeconomy: Growth and Structural Change in the British Economy since 1780

  5. Conclusion

    1. Mark Setterfield
      Pages 162-167
  6. Back Matter
    Pages 168-203

About this book


Do high rates of economic growth create conditions favourable to their own maintenance? Or can a period of high growth 'sow the seeds of its own destruction'? This book addresses these questions by conceiving growth and structural change as path dependent processes. Methodological, theoretical and empirical insights are combined in an extended model of cumulative causation, which shows how endogenously induced technological and institutional changes may cause the dynamics of a period of high growth to break down. This casts new light on the debate over Britain's economic decline.


economic growth growth macroeconomics structural change

Authors and affiliations

  1. 1.Trinity CollegeHartfordUSA

About the authors


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