Cover: Growth and Distribution: Second Edition, from Harvard University PressCover: Growth and Distribution in HARDCOVER

Growth and Distribution

Second Edition

  • 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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