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Book part
Publication date: 29 October 2014

Scott Carter

Professor Solow’s original comment from 2007 is addressed seven years later. Here the foundational character of Sraffa’s archival material is stressed and no longer is the search…

Abstract

Professor Solow’s original comment from 2007 is addressed seven years later. Here the foundational character of Sraffa’s archival material is stressed and no longer is the search for what Sraffa “really said” or much more nefariously what he “really meant” (especially as regards the relation to Marx) the endeavour pursued. This means rendering unto Sraffa what is his and using the foundations he provides from archival material to re-conceive Marxian income distribution theory and policy as a “positive” aspect of economic science.

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Research in Political Economy
Type: Book
ISBN: 978-1-78441-007-0

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Return of Marxian Macro-Dynamics in East Asia
Type: Book
ISBN: 978-1-78714-477-4

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Return of Marxian Macro-Dynamics in East Asia
Type: Book
ISBN: 978-1-78714-477-4

Book part
Publication date: 8 September 2022

Alexandre Chirat

Baumol’s impact on the development of managerial theories of the firm is investigated here through the material found in Galbraith’s archives. In 1957, Galbraith published a paper…

Abstract

Baumol’s impact on the development of managerial theories of the firm is investigated here through the material found in Galbraith’s archives. In 1957, Galbraith published a paper claiming that the impact of macroeconomic policies varies with market structures (competitive versus oligopolistic). That publication prompted Baumol (1958b) to send Galbraith a manuscript dealing extensively with a crucial question of managerial theories of the firm, namely, the trade-off between sales and profits. I argue that Baumol’s critiques and Galbraith’s answers largely explain the way Baumol (1958a, 1959) framed his alternative model of the behavior of corporations. He reasoned in terms of maximization of sales with a profit constraint as their main objective. In return, Business Behavior, Value and Growth fostered the development of Marris’ (1964) and Galbraith’s (1967) theories of the corporation. While Tullock (1978) provides a narrative in which the sales maximization hypothesis has two main branches – Baumol for the one and Galbraith–Marris for the other – the paper demonstrates that these branches are intimately connected.

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Research in the History of Economic Thought and Methodology: Including a Symposium on the Work of William J. Baumol: Heterodox Inspirations and Neoclassical Models
Type: Book
ISBN: 978-1-80382-708-7

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Return of Marxian Macro-Dynamics in East Asia
Type: Book
ISBN: 978-1-78714-477-4

Book part
Publication date: 29 October 2014

Robert M. Solow

Sraffian's concept or metaphor of a “pool profits” is theoretically pointless and empirically irrelevant. The appropriate calculation is the variation of the equilibrium price…

Abstract

Sraffian's concept or metaphor of a “pool profits” is theoretically pointless and empirically irrelevant. The appropriate calculation is the variation of the equilibrium price vector along the factor price frontier.

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Research in Political Economy
Type: Book
ISBN: 978-1-78441-007-0

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Book part
Publication date: 1 November 2011

Robert M. Solow

A prominent headline in today's New York Times (January 29, 2011, p. B1) announces that “U.S. Economic Growth Bounces Back to Rate Seen Before Recession.” We know exactly what…

Abstract

A prominent headline in today's New York Times (January 29, 2011, p. B1) announces that “U.S. Economic Growth Bounces Back to Rate Seen Before Recession.” We know exactly what this means. Nevertheless the phrase irritates me, and I am not sure whether I am defending clarity and precision or merely being pedantic. The accompanying news story says that real GDP “grew at an annual rate of 3.2 percent in the fourth quarter” of 2010. So the recession gap between potential output and actual output narrowed a little. Most of that 3.2 percent increase in real aggregate output has in my (precise? pedantic?) mind little or nothing to do with economic growth. It represents an increase in aggregate demand, easily accommodated within existing capacity. The 3.2 percent might have been 6.2 percent, as in some other cyclical recoveries, and that would clearly have been an implausible “growth” rate. To be more specific, this increase in natural output was not the result of any favorable change in the determinants of long-run growth. Instead, it was the consequence of the Federal Reserve's unprecedented policy of asset purchaser and credit expansion for anti-cyclical reasons, along with some help from the last effects of earlier fiscal stimulus.

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Economic Growth and Development
Type: Book
ISBN: 978-1-78052-397-2

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Return of Marxian Macro-Dynamics in East Asia
Type: Book
ISBN: 978-1-78714-477-4

Book part
Publication date: 30 November 2022

Christiane Franck

The archives of François Perroux deposited at IMEC bear witness to the fact that he has devoted, beyond his scientific production, great energy to the most material aspects of…

Abstract

The archives of François Perroux deposited at IMEC bear witness to the fact that he has devoted, beyond his scientific production, great energy to the most material aspects of research: setting up and maintaining networks to publicize his work and that of other economists, either directly or through the institutes and the journals he headed; organize seminars and symposiums; take care of relations with colleagues and the press; create collections and journals; and so on.

In this chapter, we concentrate our attention on the archives relating to the management of the institutes, those attesting to the lines and themes of the producer’s research, and those concerning his important correspondence.

Thanks to the archives deposited at IMEC, it is possible to follow the development of the theoretical work of François Perroux by contextualizing it. They also show the itinerary of a Christian intellectual, whose attachment to social Catholicism constitutes a guiding thread and is reflected in all his activities. Finally, the archives illuminate his substantial role in the institutionalization of research in economics in the France of the twentieth century.

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Research in the History of Economic Thought and Methodology: Including a Symposium on the Work of François Perroux
Type: Book
ISBN: 978-1-80382-715-5

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Book part
Publication date: 1 November 2011

Olivier de La Grandville

We introduce a formula for the optimal savings rate in an economy driven by an investment policy reflecting competitive equilibrium. The reasonable numbers generated by the…

Abstract

We introduce a formula for the optimal savings rate in an economy driven by an investment policy reflecting competitive equilibrium. The reasonable numbers generated by the formula should be of help not only to assess our present situation but also to prepare our future. Moreover, this chapter provides two theorems correcting a widely held belief in economic growth theory, namely that a steady state defined by income per person growing at the labor-augmenting rate can be asymptotically reached only if technical progress is labor-augmenting. We finally show that the magnitudes of the optimal savings rates are highly robust to very different, S-shaped evolutions of population and technology. The chapter closes with a daring conjecture.

Details

Economic Growth and Development
Type: Book
ISBN: 978-1-78052-397-2

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