Download Causes of Growth and Stagnation in the World Economy by Nicholas Kaldor PDF

By Nicholas Kaldor

Those lectures comprise a masterful summing up of Nicholas Kaldor's critique of the principles of mainstream financial thought. they supply a truly transparent account of his theoretical buildings on neighborhood alterations, fundamental manufacturers and brands, and on differing industry constructions and the most likely process costs and amounts in numerous markets through the years. the 1st 4 lectures are focused on conception, background and clarification; the 5th involves a close set of built-in coverage proposals.

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Extra info for Causes of Growth and Stagnation in the World Economy (Raffaele Mattioli Lectures)

Sample text

If technical progress is faster in Northern food production than in steel, the Southern terms of trade will deteriorate even with unchanged relative productivity between food and coffee. The only way the South can improve its terms of trade is by raising its productivity in food production relative to coffee. In his later work Lewis deals with the broad sweeps of history and introduces the unlimited supplies of labor into the model of unequal exchange. In the second half of the 19th century two different migration streams, each about 50 million people strong, headed for the then agricultural countries.

In the extreme case, the dualistic cleavage between sectors and classes is watertight. On the production side, there may exist a modern growth sector ("key sector") but its growth fails to be transmitted to the rest of the economy. On the consumption side, similar social dualism exists. 2. Structure of articulated economy Source: Adapted from de Janvry (1981), p. 33; by permission of the publisher, Johns Hopkins University Press, for the World Bank. for the traditional sector. The former expands from the exogenous increase in demand of the goods of the modern sector that originate abroad or from increased demand that comes from growth in profits and in rents that accrue to a privileged middle income class and the wealthy.

3. Structure of disarticulated export-enclave economy Source: Adapted from de Janvry (1981), p. 32. ditions, wages are delinked from the productivity of labor in the modern sector and stagnate. Wages stagnate in the traditional sector also. The outcome is deficiency of demand in both sectors and failure to increase capital accumulation. Even where technological advance in the production of the wage good takes place, increases in the productivity of labor are not reflected in wage increases. In both sectors, therefore, the modern and the traditional, wages are exogenously determined rather than set through considerations of marginal productivity.

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