Abstract
The chapter presents and discusses the set of non-marginalist contributions to growth theory represented by sectoral models based on Classical circularity and by Pasinetti’s new theory of structural change. It is shown that while models of Classical circularity led to Traverse type questions (Lowe and Hicks), they neglected the relations between sectoral growth and the composition of consumption demand. In this context, it is argued that Pasinetti’s constribution has eliminated the capital goods bias inherent in the Classical approach. Pasinetti’s approach is shown to be theoretically complete rather than conceived ad hoc as in earlier growth models.
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© 2016 Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile
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Halevi, J. (2016). Structure and Growth. In: Post-Keynesian Essays from Down Under Volume IV: Essays on Theory. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-47529-9_12
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DOI: https://doi.org/10.1057/978-1-137-47529-9_12
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