The General Theory of Transformational Growth: Keynes After Sraffa
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Book Overview
For the past 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. The core relationships provide the foundations for a theory of monetary circulation, which makes possible a revised Keynesian approach, based on Classical foundations.
Format:Paperback
Language:English
ISBN:0521023599
ISBN13:9780521023597
Release Date:November 2005
Publisher:Cambridge University Press
Length:816 Pages
Weight:2.47 lbs.
Dimensions:1.6" x 6.1" x 9.2"
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