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Palgrave Macmillan

Economics in a Changing World

Volume 5: Economic Growth and Capital Labour Markets

  • Book
  • © 1995

Overview

Editors:
  1. Jean-Paul Fitoussi

    1. Institut d’Études Politique, Paris, France
      Observatoire Français des Conjonctures Économiques, and IEA, Paris, France

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Part of the book series: International Economic Association Series (IEA)

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Table of contents (12 chapters)

  1. Front Matter

    Pages i-xxxii
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  3. Developments in the Theory of Growth

    1. Front Matter

      Pages 83-83
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    2. On Growth Theory

      • Frank Hahn
      Pages 85-100

    3. Technical Progress in the Theory of Economic Growth

      • Philippe Aghion, Peter Howitt
      Pages 101-122

    4. About Investment in Macroeconomics

      • Edmond Malinvaud
      Pages 123-141

  4. Capital and Labour Markets

    1. Front Matter

      Pages 143-143
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    2. Interest Rate Puzzles, Competitive Theory and Capital Constraints

      • Joseph E. Stiglitz
      Pages 145-175

    3. Accounting for Stock Price Movements

      • John Y. Campbell
      Pages 176-185

    4. The Rise and Fall of the Future: Why Did National Saving Decline?

      • Sharone L. Maital, Shlomo Maital
      Pages 186-209

    5. Optimal Currency Areas, Large and Small

      • William H. Branson
      Pages 210-220

    6. Contract Inefficiency, Wages and Employment: An Assessment

      • James M. Malcomson
      Pages 221-249

    7. Some New Thoughts on Migration and Development

      • Oded Stark
      Pages 250-265
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Keywords

About this book

Growth patterns have changed radically over the last two decades, to which capital and the labour markets appear to have failed to adapt. Unemployment in Europe has been growing, almost without remission, to levels unseen since the Great Depression. These facts are somewhat at odds with the development of growth theory which has mainly been orientated towards an equilibrium full employment framework. The main message of equilibrium theory of fluctuations was precisely that the policy maker is impotent. Now, with the universal acceptance of endogenous growth theory, the common concensus proposition would be `we are all neo-classical for the short run and Keynesian for the long run' (investment being too important for growth to be left entirely in private hands).

Editors and Affiliations

  • Institut d’Études Politique, Paris, France

    Jean-Paul Fitoussi

  • Observatoire Français des Conjonctures Économiques, and IEA, Paris, France

    Jean-Paul Fitoussi

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