Choose your shipping method in Checkout. Costs may vary based on destination.
Seller's Description:
Very Good. Size: 6x1x9; Softcover. Good binding and cover. Shelf wear. Library sticker on front wrap. Clean, unmarked pages. iv, 181 pages: illustrations; 23 cm. "The birth of modern growth theory, in the work of Harrod (1939, 1948) and Domar (1946, 1947), was one of the earliest by-products of Keynes's (1936) General Theory. Both writers aimed to extend Keynes's analysis into the 'long period'. Keynes had been concerned with the short period, in which the implications of the level of investment and saving for the stock of capital, and hence for productive potential, may be ignored: in the short run the overriding significance of investment is its influence on effective demand, and the stock of capital may be taken as given and independent of it. But in the long run investment expenditure does augment the capital stock; and in the analysis of the long run this cannot be neglected. Domar took account of it directly, by distinguishing between the dependence of actual output on effective demand, and the dependence of potential output on the capital stock. Harrod took the relationship between capital growth and output growth the other way round, by adopting the acceleration principle, whereby producers' demand for capital goods is held to be proportional to output. But both writers were seeking to dynamize the General Theory by considering under what conditions, given certain assumptions, an economy could realize growth with continuous full employment; and they arrived at results which in some important respects are similar."-Graham Hacche.
