Structural Change and Economic Growth - A Theoretical Essay on the Dynamics of the Wealth of Nations

This book presents an original theoretical treatment of the problems of maintaining full employment in a multisector economic system wih a growing population and diffrerent rates of technical progress in different sectors. The conditions for full employment and full capacity utilisation are examined when prices are stable and when there is inflation. This entirely new approach is carried out, not in terms of input-output relations, as is customary in multisector models, but rather in terms of vertically integrated sectors. This makes it possible to analyse the economic growth process in terms of the structural dynamics of production, of prices and of employment. Remarkable implicatinos are drawn for a surprisingly large number of theoretical problems which have been under discussion since Adam Smith: from price theory to the theory of the rates of profit and the rates of interest; from production theory to the theories of fluctuating growth, ever changing composition of output, choice of technique, international trade. Paperback version available (2009). Italian version:1984 - Dinamica strutturale e sviluppo economico. Un'indagine teorica sui mutamenti nella ricchezza delle nazioni, Torino: U.T.E.T. Translations: Japanese, 1983 - Tokyo: Nihon Keizai Hyôron-sha; Spanish, 1985 - Cambio estructural y crecimiento econòmico, Mardid: Ediciones Piràmide.