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Classical Economic Fashion Redux: Growth Economics to the Forefront

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  • Stanley Bober

    (Duquesne University)

Abstract

This paper provides an understanding for the emergence of the new non-neoclassical paradigm considered as Neo-Ricardian Economics. There is a look at two overall events that seemed to propel the move to putting Growth Economics at the core of what Economics is about. The reader is treated to the essentials of the traditional i.e. Neoclassical mechanism which is juxtaposed with that of the Classical-surplus approach, and selected items of difference between them are highlighted. In particular there is some discussion of approaches to income determination and the relation of the rate of profit to the degree of capital intensity. Questions concerning production lead to questions concerning income distribution; the paper points up some of the differences involved in the answers provided by these two certainly very opposite ways of modeling the external world.

Suggested Citation

  • Stanley Bober, 1991. "Classical Economic Fashion Redux: Growth Economics to the Forefront," Eastern Economic Journal, Eastern Economic Association, vol. 17(1), pages 122-129, Jan-Mar.
    • Handle: RePEc:eej:eeconj:v:17:y:1991:i:1:p:122-129
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume17/V17N1P122_129.pdf
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    More about this item

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development

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