This book is a theoretical investigation of the influence of human learning on the development through time of a 'pure labour' economy. The theory proposed is a simple one, but aims to grasp the essential features of all industrial economies. Economists have long known that two basic phenomena lie at the root of long-term economic movements in industrial societies: capital accumulation and technical progress. Attention has been concentrated on the former. In this book, by contrast, technical progress is assigned the central role. Within a multi-sector framework, the author examines the structural dynamics of prices, production and employment (implied by differentiated rates of productivity growth and expansion of demand) against a background of 'natural' relations. He also considers a number of institutional problems. Institutional and social learning, know-how, and the diffusion of knowledge emerge as the decisive factors accounting for the success and failure of industrial societies.
• Pasinetti is a leading figure in the unorthodox post-Keynesian school of economics; two previous books have totalled around 10,000 sales • This book is a refinement and development of the theory outlined in Structural Change and Economic Growth, 1981 • Will be a controversial book, attacked by the mainstream, but sales could follow from this
Preface; Acknowledgements; List of symbols; 1. Economic theory and the neglect of structural change; 2. A pure labour production economy; 3. Proportional dynamics; 4. Structural dynamics; 5. The evolving structure and level of prices; 6. Consumption, savings, rate of interest and inter-temporal distribution of income; 7. On the evolving structure of long-term development; 8. From the 'actual' towards the 'natural' economic system - the rôle of institutions; 9. Boundedness of economic systems, and international economic relations; References; Index.