Table of Contents

Preface; Acknowledgments; Part I. History or Equilibrium?: 1. The idea of transformational growth; 2. The stylized facts of the old business cycle and the new; Part II. Method and Approach: The Active Mind: 3. Conceptual truths and empirical observation; 4. Rationality, structure and behavior; Part III. Money and the Golden Rule: 5. Circulation and production: the need for money Appendix: recent theories of circulation; 6. Circulation and instability: the supply of money; Part IV. The Wage-Profit Trade-Off: 7. The classical system: the Golden Rule, labor, and the wage-profit trade-off; Appendix: a numerical example; 8. The classical system: gravitation and market adjustment; 9. Cycles and growth: market adjustment in craft conditions; Part V. Investment and Mass Production: 10. Demand growth, pricing and investment plans; 11. Inflation, employment, and market adjustment in mass production; Appendix: stability of the modes of operation; Part VI. Money and Fluctuations in the Modern Economy: 12. Money and interest in the Keynesian system; 13. Growth and cycles: financially constrained instability under mass production; Appendix: Stability of modes of operation; Conclusions: 14. Keynesian themes on classical grounds; Bibliography; Index.

Promotional Information

This book attempts a comprehensive rethinking of economics, including a revision of methodology, redrawing the line between micro and macro.

Reviews

"Presents a theory of transformational growth that replaces equilibrium with history." Journal of Economic Literature