Theory of economic development : nonlinearity, instability and non-equilibrium

• The objective of this study is to propose an economic development theory within the framework of input-output systems and neoclassical economics. This study consists of nine chapters which are arranged in the following manner:In Chapter I, we discuss development problems, define some essential concepts, and provide a general historical sketch of economic growth theory. Chapter II revises some of the modern mathematical economic growth theories. This chapter is mainly concerned with quantitative approaches. Chapter III reviews how monetary variables can be introduced into neoclassical growth theory. Prices in the context of dynamic multiple sector models are dealt with in Chapter IV. We mainly confine ourselves to those interactions which occur amongst interest rate, growth rate and inflation rate within the framework of multiple sector models. Chapter V is concerned with a "mixed" economy with a combination of centralization and decentralization. The central government’s behavior is assumed to maximize a social welfare function which depends on the economic growth rate. Chapter VI deals with the problem of the "choice of (exogenously given) alternatives or techniques". In Chapter VII we examine the process of endogenous technological changes. Dynamic interactions between human knowledge and economic variables are investigated within the framework of neoclassical theory.  Chapter VIII explicitly introduces a new sector - called theknowledge or non-material sector - into the traditional input-output economic system. We attempt to develop models based upon the human capital theories of economics. Chapter IX summarizes the results of this study and suggests some mechanisms - the neoclassical, neo-Marxian and neo-Keynesian approaches - for "closing" an incomplete economic system which primarily consists of accounting equations.

Ämnesord

SAMHÄLLSVETENSKAP  -- Ekonomi och näringsliv (hsv//swe)

SOCIAL SCIENCES  -- Economics and Business (hsv//eng)

Nyckelord

economic growth and development

instability

structural change

bifurcation

non-equilibrium

centralization and decentralization

business cycle

the standard neoclassical growth model

growth rate

interest rate

inflation rate

choice of techniques

endogenous technological change

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