Abstract
The chapter presents and discusses the set of non-marginalist contributions to growth theory represented by sectoral models based on Classical circularity and by Pasinetti’s new theory of structural change. It is shown that while models of Classical circularity led to Traverse type questions (Lowe and Hicks), they neglected the relations between sectoral growth and the composition of consumption demand. In this context, it is argued that Pasinetti’s constribution has eliminated the capital goods bias inherent in the Classical approach. Pasinetti’s approach is shown to be theoretically complete rather than conceived ad hoc as in earlier growth models.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Similar content being viewed by others
References
Dobb M., An Essay on Economic Growth and Planning, London, Routledge Kegan and Paul, 1960.
Fel’dman G., “K Teorii Tempov Narodnogo Dokhoda”, Planovoe Khoiziastvo, November and December 1928.
Hagemann H., and Jeck A., “Lowe and the Marx-Fel’dman-Dobb Model: Structural Analysis of a Growing Economy”, Eastern Economic Journal, Vol. 10, 1984.
Hagemann H., “Traverse Analysis in a Post-Classical Model”, In: Halevi, J., Laibman, D., Nell, E. (eds), Beyond The Steady State, London, Macmillan, 1992.
Halevi J., “The Composition of Investment under Conditions of Nonuniform Changes,” Banca Nazionale del Lavoro Quarterly Review, n137, June 1981.
Halevi J., “Investment Planning”. In: Eatwell, J., Milgate, M., Newman P. (eds), The New Palgrave, London, Macmillan, 1987.
Halevi J., “Accumulation and Structural Disequilibrium,” In: Halevi J., Laibman D., Nell E. (eds), Beyond the Steady State, London, Macmillan, 1992a.
Halevi J., “Asian Capitalist Accumulation: From Sectoral to Vertical Integration,” Journal of Contemporary Asia, Vol. 22, n4, 1992b.
Hicks J., Capital and Growth, Oxford, Oxford University Press, 1965.
Kaldor N., “Stability and Full Employment,” Economic Journal (December), reprinted in Kaldor (1960), 1938.
Kaldor N., Essays on Economic Stability and Growth, London, Duckworth, 1960.
Johansen L., and Ghosh A., Appendix: Notes to chapters III and IV of Dobb (1960).
Lowe A., “Structural Analysis of Real Capital Formation,” In: Capital Formation and Economic Growth, Princeton, Princeton University Press, 1956.
Lowe A., The Path of Economic Growth, Cambridge, Cambridge University Press, 1976.
Meade J., A Neoclassical Theory of Growth, London, George Allen and Unwin, 1962.
Momigliano F., and Siniscalco D., “The Growth of Service Employment: A Reappraisal,” Banca Nazionale del Lavoro Quarterly Review, n142, 1982.
Naqvi K. A., “Machine-Tools and Machines: A Physical Interpretation of the Marginal Rate of Saving,” Indian Economic Review, Vol. 6, February 1963.
Pasinetti L., Structural Change and Economic Growth, Cambridge, Cambridge University Press, 1981.
Pasinetti L., (ed), Mutamenti strutturali del sistema produttivo. Integrazione tra industria e settore terziario, Bologna, II Mulino, 1986.
Pasinetti L., Structural Economic Dynamics, Cambridge, Cambridge University Press, 1993.
Raj K. N., and Sen A. K., “Alternative Patterns of Growth under Conditions of Stagnant Export Earnings,” Oxford Economic Papers, Vol. 13, February 1961.
Solow R., “A Contribution to the Theory of Economic Growth,” Quarterly Journal of Economics, February 1956.
Copyright information
© 2016 Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile
About this chapter
Cite this chapter
Halevi, J. (2016). Structure and Growth. In: Post-Keynesian Essays from Down Under Volume IV: Essays on Theory. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-47529-9_12
Download citation
DOI: https://doi.org/10.1057/978-1-137-47529-9_12
Published:
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-137-47528-2
Online ISBN: 978-1-137-47529-9
eBook Packages: Economics and FinanceEconomics and Finance (R0)