Contemporary general equilibrium theory is characteristically short-run, separated from monetary aspects of the economy, and as such does not deal with long-run problems such as capital accumulation, innovation, and the historical movement of the economy. These phenomena are discussed by growth theo...

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Bibliographic Details

Main Author:	Morishima, Michio 1923-2004 (Author)
Format:	Electronic eBook
Language:	English
Published:	Cambridge Cambridge University Press 1992
Subjects:	Wirtschaftsentwicklung Capital Monetary policy Economic development Equilibrium (Economics) Kapital Gleichgewichtstheorie Geldpolitik
Online Access:	BSB01 UBG01 Volltext
Summary:	Contemporary general equilibrium theory is characteristically short-run, separated from monetary aspects of the economy, and as such does not deal with long-run problems such as capital accumulation, innovation, and the historical movement of the economy. These phenomena are discussed by growth theory, which assumes a given or shifting production function, and in turn cannot therefore deal with the fundamental problem of growth, namely how the production function is derived. Thus traditional theories have a common weakness in that they divorce real economic growth from the activities of the financial sector. This book provides a much-needed synthesis of growth theory and monetary theory. Professor Morishima draws on the work of Schumpeter, Keynes and the pre-war neoclassical economists to formulate a capital-theoretic general equilibrium theory
Item Description:	Title from publisher's bibliographic system (viewed on 05 Oct 2015)
Physical Description:	1 online resource (xi, 212 pages)
ISBN:	9780511628467
DOI:	10.1017/CBO9780511628467