Transformational Growth and the Business Cycle - Softcover

Softcover

ISBN 10: 0415862442 ISBN 13: 9780415862448

Publisher: Routledge, 2013

Synopsis

This book examines the concept of Transformational Growth from a number of different historical and geographical perspectives. Transformational Growth sees the economy as an evolving system in which the market selects and finances innovations, changing the character of costs and affecting the pattern of market adjustment. This creates the possibility that markets will work differently in particular historical periods. This book explores market adjustments in two distinct historical periods, 1870-1914 and 1945-the present. The book focuses on six countries: USA, United Kingdom, Canada, Germany, Japan and Argentina. In all cases the earlier period, dominated by craft-based technologies, proves to be the one in which markets adjust through a weakly stabilising price mechanism. By contrast, in the later period, in all cases, with the exception of Argentina, there is no evidence of such a price mechanism, but in its place can be seen a multiplier-accelerator process which, arguably, reflects a change of technology to mass-production.

About this title

About the Author:

Edward Nell is Matthew B. Smith Professor of Economics at the New School for Social Research, New York. He is the author of Making Sense of a Changing Economy, (Routledge, 1996).

About this edition

• Publisher: Routledge
• Publication date: 2013
• ISBN 10: 0415862442
• ISBN 13: 9780415862448
• Binding: Paperback
• Edition number: 1
• Number of pages: 384
• Editor: Nell Edward