Mainstream growth economists and capital theorists: a survey Muzhani, Marin

Table of Content:

Figures and Tables ix
Introduction 3

Part one: origins of modern growth theory
1 Growth, Technological Progress, and Unemployment in the Thought of the Classical Economists 21
2 The Beginning of the Modern Theory of Growth: The Neo-Keynesians 35
3 Theory of Distribution and Growth: The Old Keynesians 69

Part two: the rise and decline of the neoclassical theory of growth
4 Neoclassical Theory of Growth: Factor Substitution, Optimal Growth, and Money Growth 101
5 Technological Progress and Growth in Neoclassical Perception 175
6 Some Accounts of Capital Controversy and Growth 229
7 Theories of Growth and Convergence between Poor and Rich Countries: The Early Development Theories 269

Intermezzo: Overall Conclusions about the Evolution of Growth Theories in the First Four Decades of the Postwar Period 311

Part three: endogenous growth theory
8 Toward the New Theory of Growth: Endogenous Growth and Technological Transformation 325
9 Endogenous Growth: Innovation and New Consumer Goods 373
10 Endogenous Growth and the New Schumpeterian Approach of “Creative Destruction” 424
Overall Conclusions about the Survey on Growth Economists and Capital Theorists 470
Notes 481
Bibliography 523
Index 553

Mainstream Growth Economists and Capital Theorists provides a historical survey and ideal introduction to modern economics, arguing that due to significant changes in recent years, a re-evaluation is in order.
Marin Muzhani presents an informed study of the debates regarding economic growth and development that began in the 1930s in response to the Great Depression. He argues that in the wake of that crisis, the challenge for economists was to understand how to generate stable economic growth in order to prevent future crises. The theories of John Maynard Keynes, in particular, sought to explain the reasons for unemployment and recessions, paving the way for the field of macroeconomics and challenging the basic premises of neoclassical economics. In the late 1930s and 1940s, economists began to extend Keynes' ideas, synthesizing them with neoclassical ideas in order to explain economic growth. This "neoclassical synthesis" would dominate mainstream macroeconomic thought for the next forty years until the mid-1980s with the introduction of endogenous growth theories.
Taking into account the historical background, the multitude of interpretations of modern growth models, and the geography of mainstream economists, Mainstream Growth Economists and Capital Theorists will simplify the structure of growth theory for the next generation of economists.

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