Possibility of Persistent Growth Equilibrium

Michio Morishima

in Theory of Economic Growth

Published in print December 1969 | ISBN: 9780198281641
Published online November 2003 | e-ISBN: 9780191596667 | DOI:
 Possibility of Persistent Growth Equilibrium

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Examines the possibility of persistent growth equilibrium. The first part of the chapter looks at price‐guided choice of techniques and factor‐price frontiers. The second digresses into the degree of mechanization problem. Remaining parts discuss the warranted rate of growth, the natural rate of growth, and an alternative approach to growth equilibrium due to Hicks. The final part presents a synthesis of the two methods for finding a growth equilibrium discussed in the chapter: the ‘Oxford’ method principally due to Roy Harrod, and the ‘Cambridge’ method, which is accepted by such Cambridge economists as Joan Robinson, N. Kaldor, P. Sraffa, R. F. Kahn, and L. L. Pasinetti.

Keywords: economic growth; factor‐price frontiers; growth equilibrium; Roy Harrod; R. F. Kahn; N. Kaldor; natural rate of growth; L. L. Pasinetti; persistent growth equilibrium; price; Joan Robinson; P. Sraffa; warranted rate of growth

Chapter.  10596 words.  Illustrated.

Subjects: Economic Development and Growth

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