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Palgrave Macmillan

Rapid Growth and Relative Decline

Modelling Macroeconomic Dynamics with Hysteresis

  • Book
  • © 1997

Overview

Authors:
  1. Mark Setterfield

    1. Trinity College, Hartford, USA

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Table of contents (9 chapters)

  1. Front Matter

    Pages i-xv
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  2. Economic Modelling: Some Methodological Considerations

    1. Front Matter

      Pages 1-4
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    2. Economic Modelling and the Concept of Equilibrium

      • Mark Setterfield
      Pages 5-19

    3. An Alternative Approach — Modelling with Hysteresis

      • Mark Setterfield
      Pages 20-43

  3. Modelling Macroeconomic Systems with Hysteresis: Growth and Structural Change in Capitalist Economies

    1. Front Matter

      Pages 45-47
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    2. A Model of Cumulative Causation

      • Mark Setterfield
      Pages 48-64

    3. The Supply Side and Macroeconomic Performance I: Technological Evolution

      • Mark Setterfield
      Pages 65-83

    4. The Supply Side and Macroeconomic Performance II: Institutional Evolution

      • Mark Setterfield
      Pages 84-103

  4. The Evolution of a Macroeconomy: Growth and Structural Change in the British Economy since 1780

    1. Front Matter

      Pages 105-108
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    2. A Brief History of the British Economy since 1780

      • Mark Setterfield
      Pages 109-126

    3. Technological Interrelatedness and Lock-In in the British Economy, 1870–1930

      • Mark Setterfield
      Pages 127-143

    4. Institutional Hysteresis and the Performance of the British Economy after 1914

      • Mark Setterfield
      Pages 144-161

  5. Conclusion

    1. Conclusion

      • Mark Setterfield
      Pages 162-167

  6. Back Matter

    Pages 168-203
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Keywords

About this book

Do high rates of economic growth create conditions favourable to their own maintenance? Or can a period of high growth 'sow the seeds of its own destruction'? This book addresses these questions by conceiving growth and structural change as path dependent processes. Methodological, theoretical and empirical insights are combined in an extended model of cumulative causation, which shows how endogenously induced technological and institutional changes may cause the dynamics of a period of high growth to break down. This casts new light on the debate over Britain's economic decline.

Authors and Affiliations

  • Trinity College, Hartford, USA

    Mark Setterfield

About the author

MARK SETTERFIELD

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