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  3. The General Theory of Transformational Growth
  • Cited by 75
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    • Publisher:
      Cambridge University Press
      Publication date:
      21 January 2010
      13 July 1998
      ISBN:
      9780511571794
      9780521590068
      9780521023597
      DOI:
      https://doi.org/10.1017/CBO9780511571794
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      1.2kg, 816 Pages
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      1.127kg, 816 Pages
      • Subjects:
      Economics, Economic Thought, Philosophy and Methodology, Economic Theory
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    Subjects:
    Economics, Economic Thought, Philosophy and Methodology, Economic Theory
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    Book description

    For the last century, economic analysis has been wedded to the idea of equilibrium, in spite of the evident fact that most economic relationships are in flux. The theory of transformational growth in this work replaces equilibrium with history. The role of the market is not to allocate resources, but to generate innovations, which are 'selected' by competition in an evolutionary process. These innovations in turn change the way markets work and how they adjust, thus creating new problems and new kinds of pressures to innovate. Different historical periods can be distinguished with a new one perhaps on the horizon. In each a distinctive style of technology prevails, associated with corresponding institutions and patterns of market behavior. The core relationships provide the foundations for a theory of monetary circulation, which makes possible a revised Keynesian approach, based on Classical foundations.

    Reviews

    "Presents a theory of transformational growth that replaces equilibrium with history." Journal of Economic Literature

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