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Growth and Distribution

9780674986428
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A major revision of an established textbook on the theory, measurement, and history of economic growth, with new material on climate change, corporate capitalism, and innovation.

Authors Duncan Foley, Thomas Michl, and Daniele Tavani present Classical and Keynesian approaches to growth theory, in parallel with Neoclassical ones, and introduce students to advanced tools of intertemporal economic analysis through carefully developed treatments of land- and resource-limited growth. They cover corporate finance, the impact of government debt and social security systems, theories of endogenous technical change, and the implications of climate change. Without excessive formal complication, the models emphasize rigorous reasoning from basic economic principles and insights, and respond to students’ interest in the history and policy dilemmas of real-world economies.

In addition to carefully worked out examples showing how to use the analytical techniques presented, Growth and Distribution presents many problems suitable for inclusion in problem sets and examinations. Detailed answers to these problems are available. This second edition includes fresh data throughout and new chapters on climate change, corporate capitalism, models of wealth inequality, and technical change.

Cover:
Hardback
Edition Number:
2
ISBN:
9780674986428
Pages:
416
Author:
Foley Duncan
Publisher:
HARVARD UNIVERSITY PRESS
Release Year:
2019

Duncan K. Foley is Leo Model Professor of Economics at The New School for Social Research.

Thomas R. Michl is Professor of Economics at Colgate University.

Daniele Tavani is Associate Professor of Economics at Colorado State University.

  • Preface to the Second Edition
  • Preface to the First Edition
  • Notation
  • 1. Introduction
    • 1.1. Economic Growth in Historical Perspective
    • 1.2. Quality and Quantity
    • 1.3. Human Relationships
    • 1.4. Economic Theories of Growth
    • 1.5. Using This Book
    • 1.6. Suggested Readings
  • 2. Measuring Growth and Distribution
    • 2.1. Measuring Output and Inputs
    • 2.2. Time and Production
    • 2.3. A Note on Units
    • 2.4. Technology in the Real World
    • 2.5. The Uses of Output: Investment and Consumption
    • 2.6. The Social Consumption-Growth Rate Schedule
    • 2.7. The Distribution of Income: Wages and Profit
    • 2.8. The Real Wage-Profit Rate Schedule
    • 2.9. Income Shares
    • 2.10. The Growth-Distribution Schedule
    • 2.11. Changes in Labor and Capital Productivity
    • 2.12. Comparing Economies
    • 2.13. Global Economic Leadership
    • 2.14. Labor Productivity Growth in Real Economies
    • 2.15. Stylized Facts
    • 2.16. Suggested Readings
  • 3. Models of Production
    • 3.1. Accounting Frameworks and Explanatory Models
    • 3.2. A Model of Production
    • 3.3. Agents and Distribution
    • 3.4. Social Accounting Matrix
    • 3.5. Choice of Technique and Production Functions
    • 3.6. Particular Production Functions
    • 3.7. Classifying Technical Change
    • 3.8. Two-Sector Growth-Distribution Schedules
    • 3.9. Models of Production and Models of Growth
    • 3.10. Suggested Readings
  • 4. The Labor Market
    • 4.1. Models of Economic Growth
    • 4.2. Demand for Labor
    • 4.3. The Classical Conventional Wage Model
    • 4.4. The Neoclassical Full Employment Model
    • 4.5. Toward a Model of Economic Growth
    • 4.6. Growth in Real Economies
    • 4.7. Suggested Readings
  • 5. Models of Consumption and Saving
    • 5.1. A Two-Period Consumption-Saving Model
    • 5.2. An Infinite-Horizon Model
    • 5.3. The Constant Saving Rate Model
    • 5.4. Saving Rates and Growth Rates
    • 5.5. Suggested Readings
  • 6. Classical Models of Economic Growth
    • 6.1. The Classical Conventional Wage Model
    • 6.2. Comparative Dynamics in the Conventional Wage Model
    • 6.3. Labor-Saving Technical Change in the Classical Model
    • 6.4. Choice of Technique in the Classical Model
    • 6.5. A Classical Model of Growth with Full Employment
    • 6.6. Choice of Technique in the Classical Full Employment Model
    • 6.7. Growth and Cycles
    • 6.8. The Classical Approach to Growth
    • 6.9. Suggested Readings
  • 7. Induced Technical Change, Growth, and Cycles
    • 7.1. The Induced Invention Hypothesis
    • 7.2. Induced Technical Change in the Classical Full Employment Model
    • 7.3. Growth Cycles with Induced Technical Change
    • 7.4. Comparative Dynamics
    • 7.5. Conclusions
    • 7.6. Suggested Readings
  • 8. Biased Technical Change in the Classical Model
    • 8.1. The Classical ConventionalWage Share Model with Biased Technical Change
    • 8.2. Viability of Technical Change
    • 8.3. Biased Technical Change and the Fossil Production Function
    • 8.4. The Classical Full Employment Model with Marx-Biased Technical Change
    • 8.5. Reverse Marx-Biased Technical Change
    • 8.6. One Vision of Economic Growth
    • 8.7. Suggested Readings
  • 9. Endogenous Technical Change
    • 9.1. Technical Change in a Capitalist Economy
    • 9.2. Learning by Doing
    • 9.3. R&D Investment in Technical Change
    • 9.4. How Much R&D?
    • 9.5. Steady State Growth with No Persistent Effects of R&D
    • 9.6. Steady State Growth with Persistent Effects of R&D
    • 9.7. Persistent Effects of R&D with a Conventional Wage Share
    • 9.8. Suggested Readings
  • 10. The Neoclassical Growth Model
    • 10.1. The Solow–Swan Model
    • 10.2. The Intensive Production Function
    • 10.3. Saving, Population, and Steady State Growth
    • 10.4. The Solow–Swan Model and the Growth-Distribution Schedule
    • 10.5. The Complete Model
    • 10.6. Substitution and Distribution
    • 10.7. Comparative Dynamics
    • 10.8. Transitional Dynamics
    • 10.9. Limitations of the Solow–Swan Model
    • 10.10. Suggested Readings
  • 11. Technical Change in the Neoclassical Model
    • 11.1. Technical Change and the Production Function
    • 11.2. The Solow–Swan Model with Harrod-Neutral Technical Change
    • 11.3. Growth Accounting
    • 11.4. Classical and Neoclassical Interpretations of the Residual
    • 11.5. Comparative Dynamics in the Solow–Swan Model
    • 11.6. Transitional Dynamics in the Solow–Swan Model
    • 11.7. Suggested Readings
    • Appendix: Deriving the Convergence Equation
  • 12. Demand-Constrained Economic Growth
    • 12.1. The Global Crisis
    • 12.2. Measuring Demand Shocks
    • 12.3. Saving, Investment, and Output
    • 12.4. A Model of Demand-Constrained Growth
    • 12.5. Equilibrium in the Demand-Constrained Model
    • 12.6. Comparative Dynamics in the Demand-Constrained Model
    • 12.7. Profit-Led or Wage-Led Growth?
    • 12.8. Long Run or Short Run?
    • 12.9. The Distributive Curve
    • 12.10. The Keynesian Contribution to Growth Theory
    • 12.11. Suggested Readings
    • Appendix: The Marglin–Bhaduri Model
  • 13. Land-Limited Growth
    • 13.1 Non-Reproducible Resources
    • 13.2 Ricardo’s Stationary State
    • 13.3 Production with Land
    • 13.4 The Capitalist’s Decision Problem with Land
    • 13.5 The Arbitrage Principle
    • 13.6 Equilibrium Conditions
    • 13.7 The Abundant Land Regime
    • 13.8 The Scarce Land Regime
    • 13.9 From the Abundant to the Scarce Land Regime
    • 13.10 Lessons of the Land-Limited Model
    • 13.11 Suggested Readings
  • 14. Exhaustible Resources
    • 14.1. Growth with an Exhaustible Resource
    • 14.2. Production with an Exhaustible Resource
    • 14.3. Saving and Portfolio Choice
    • 14.4. The Growth Path
    • 14.5. Exhaustible Resources in the Real World
    • 14.6. Suggested Readings
  • 15. Corporate Capitalism
    • 15.1. Accounting in the Corporate Capitalist Economy
    • 15.2. Stocks and the Capitalist Decision Problem
    • 15.3. Investment-Saving Equilibrium
    • 15.4. The Corporate Capitalist Model
    • 15.5. Stock Prices and the Asset Market
    • 15.6. The Rentier Capitalist Regime
    • 15.7. The Managerial Capitalist Regime
    • 15.8. The Hybrid Capitalist Regime
    • 15.9. Corporate Saving and the Equity Yield
    • 15.10. Ownership and Control
    • 15.11. An Application
    • 15.12. Suggested Readings
  • 16. Government Debt and Social Security: The Overlapping Generations Model
    • 16.1. Government Finance and Accumulation
    • 16.2. Government and Private Budget Constraints
    • 16.3. Saving and Consumption with Selfish Households
    • 16.4. Accounting in the Overlapping Generations Model
    • 16.5. A Classical Overlapping Generations Growth Model
    • 16.6. A Neoclassical Overlapping Generations Growth Model
    • 16.7. Pareto-Efficiency in the Overlapping Generations Model
    • 16.8. Analyzing Social Security and Budget Deficits
    • 16.9. Social Security in the Overlapping Generations Model
    • 16.10. Government Debt in the Overlapping Generations Model
    • 16.11. The Lessons of the Overlapping Generations Model
    • 16.12. Suggested Readings
  • 17. Two-Class Models of Wealth Accumulation
    • 17.1. Worker and Capitalist Saving
    • 17.2. Accounting in the Two-Class Models
    • 17.3. Accumulation with a Conventional Wage
    • 17.4. Accumulation in the Full Employment Model
    • 17.5. Wealth Distribution in the United States
    • 17.6. Conclusions
    • 17.7. Suggested Readings
    • Appendix: Stability in the Full Employment Model
  • 18. Global Warming
    • 18.1. Global Warming and Economic Growth
    • 18.2. Production with Greenhouse Gas Emissions
    • 18.3. Saving and Portfolio Choice
    • 18.4. The Growth Path with Fossil-Fuel Technology
    • 18.5. The Growth Path with Solar Technology
    • 18.6. Coordinated Growth with Global Warming
    • 18.7. Optimal and BAU Growth Paths
    • 18.8. Centralized and Decentralized Economic Control
    • 18.9. Suggested Readings
  • References
  • Index
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