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Money and Long-Run Economic Growth

In: James Tobin

Author

Listed:
  • Robert W. Dimand

    (Brock University)

Abstract

James Tobin, while primarily identified with short-run Keynesian macroeconomics and monetary economics, is less well remembered as a growth economist, despite his continuing interest in growth throughout his career. Tobin’s early work placed him near the origins of modern growth economics. Robert Solow (2004, 657)1 recalls that Tobin “published ‘A Dynamic Aggregative Model’ at just the time when I was working on economic growth, so I recognized a master hand.” According to Tobin (Breit and Spencer 1990, 130-131), “My 1955 piece, ‘A Dynamic Aggregative Model,’ may be my favorite; it was the most fun to write. It differed from the other growth literature by explicitly introducing monetary government debt as a store of value, a vehicle of saving alternative to real capital, and by generating a business cycle that interrupted the growth process.”

Suggested Citation

  • Robert W. Dimand, 2014. "Money and Long-Run Economic Growth," Great Thinkers in Economics, in: James Tobin, chapter 6, pages 90-105, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-1-137-43195-0_7
    DOI: 10.1057/9781137431950_7
    as

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