资源描述：
《Transformational Growth and the Business Cycle》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、TRANSFORMATIONALGROWTHANDTHEBUSINESSCYCLEThisbookexaminestheconceptofTransformationalGrowthfromanumberofdifferenthistoricalandgeographicalperspectives.TransformationalGrowthseestheeconomyasanevolvingsysteminwhichthemarketselectsandfinancesinnovations,changing
2、thecharacterofcostsandaffectingthepatternofmarketadjustment.Thiscreates’thepossibilitythatmarketswillworkdifferentlyinparticularhistoricalperiods.Thisbookexploresmarketadjustmentsintwodistincthistoricalperiods,1870–1914and1945tothepresent.Thebookfocusesonsixc
3、ountries:theUnitedStates,theUnitedKingdom,Canada,Germany,JapanandArgentina.Inallcasestheearlierperiod,dominatedbycraft-basedtechnologies,provestobetheoneinwhichmarketsadjustthroughaweaklystabilizingpricemechanism.Bycontrast,inthelaterperiod,inallcases,withthe
4、exceptionofArgentina,thereisnoevidenceofsuchapricemechanism.Initsplacecanbeseenamultiplier-acceleratorprocesswhich,arguably,reflectsachangeoftechnologytomass-production.EdwardJ.NellistheMalcolmB.SmithProfessorofEconomicsattheNewSchoolforSocialResearch,NewYork
5、.HeistheauthorofMakingSenseofaChangingEconomy(Routledge,1996).STUDIESINTRANSFORMATIONALGROWTHEditedbyEdwardJ.NellMalcolmB.SmithProfessorofEconomics,NewSchoolforSocialResearchThefundamentalinsightoftransformationalgrowthisthattheworkingofthemarket,inanygivener
6、a,presentseconomicdifficultieswhichsetinmotioncompetitivelydrivenforcesbringingaboutinnovationsdesignedtosolvethoseproblems.Buttheseinnovationschangethecharacterofcostsandtheflexibilityoffactorsupplies,andthis,inturn,ifonasufficientscale,willchangethewaythema
7、rketsystemadjusts.Suchchangeswillrequireadaptationbyinstitutions—firms,householdsandgovernments—andthiswillreactbackonmarkets.Theeffectwillbetobringaboutanewpatterninthenormalworkingofthemarket,which,inturn,canbeexpectedtopresentnewdifficulties,leadingtoinnov
8、ations,andso,eventually,toyetanothernewpatternofmarketadjustment.Twopointsfollow:first,thefundamentalroleofmarketsisnotbringingaboutthebestallocationofscarceresourcesamongcompetingends—th
