First published in 1981 this book presents an original theoretical treatment of the problems of maintaining full employment in a multisector economic system with a growing population and different rates of technical progress in different sectors. The conditions for full employment and full capacity utilisation are examined when prices are stable and when there is inflation. This approach is carried out, not in terms of input-output relations, as has become customary in multisector models, but rather in terms of vertically integrated (...) sectors. This makes it possible to analyse the economic growth process in terms of the structural dynamics of production, of prices and of employment. Remarkable implications are drawn for a surprisingly large number of theoretical problems, which have been under discussion since Adam Smith: from price theory to the theory of rates of profit and the rates of interest; from production theory to the theories of fluctuating growth, ever-changing composition of output, choice of technique and international trade. (shrink)

This 1974 collection of six essays in economic theory represents a major contribution to the field. The first contains the formulation of the Ricardian system, whilst the next two contain, respectively, the author's synthetic treatment of the complex problems of fluctuations and economic growth, and his well-known theorem that in the long run the rate of profit and income distribution are independent of the propensities to save of the working class. The essays that follow provide the missing links: a coherent (...) picture of the macroeconomic theories that have originated in Cambridge and a discussion of their deep foundations in classical economic analysis. Finally, the author evaluates some economic controversies and draws his conclusions on the basic forces determining rate of profit in the process of economic growth. Although the arguments are highly theoretical, they require no knowledge of mathematics beyond elementary calculus and algebra. (shrink)

What was the Keynesian revolution in economics? Why did it not succeed to the extent that Keynes and his close pupils had hoped for? Keynes and the Cambridge Keynesians addresses these and other questions by tracing the historical development of Keynesian economics. The book is split into three parts. Part I contains the author's Caffè Lectures on Keynes's 'unaccomplished revolution'. Part II is a series of biographical essays where the author, himself a witness and participant of the group on which (...) he writes, presents the successful and unsuccessful endeavours of Keynes's most important pupils: Richard Kahn, Joan Robinson, Nicholas Kaldor, Pierro Sraffa and Richard Goodwin. Part III of the book looks to the future by developing a conceptual analytical framework that makes sense of Keynes's 'revolution in economics', discussing the many ways in which the Keynesian way of doing economics is incompatible with the neoclassical tradition. (shrink)