... Growth, Stagnation, and Structural Change: New Light on a 55-Year Controversy William Guthrie and Vincent J. Tarascio One unresolved controversy in the history of economic thought is the debate over a crucial, implicit premise of Keynes’s General The- ory, namely: does...

... the French wars (1793-1815) and the postwar period of economic stagnation in Britain. This article is concerned with critically examining Blake’s arguments on the effect of British government war expenditure and taxes on economic activity and price inflation during the wars and then on the role...

... (a period that he later called the Glorious Thirty) as well as the following rise of services, leading to a new era of stagnation at the turn of the millennium. His model emphasizes the role of technical progress while growth models focus on capital and labor. Fourastié’s work was initially reviewed...

... into Mill’s notion of China’s stationary state from two perspectives: (1) a stationary state of capital accumulation and (2) a stationary state of human improvement. In Principles , Mill explained his conception of a stationary state. He linked China’s economic stagnation to the low desire for capital...

... reflected the terms of the debate about A. H. Hansen's stagnation thesis in the 1940s. The real economy was supposed to be stable, although the model itself was not perfectly consistent with that. The estimation of the “Residual” by Solow and others led Domar to rethink aspects of his original model...

...-Josef Steindl’s Maturity and Stagnation in American Capitalism ([ 19521 1976) and Paul Baran and Paul Sweezy’s Monopoly Capital ( 1966)-for several decades this tradition sustained a singular Marxian presence within U.S. eco- nomic thought. More generally, the pointed and topical analyses...

... -17. Hansen, A. 1938 . Full Recovery or Stagnation? New York: Norton. ____. 1941 . Fiscal Policy and Business Cycles . New York: Norton. Harrod, R. 1936 . The Trade Cycle . London: Oxford University Press. ____. 1937 . Mr. Keynes and Traditional Theory. Econometrica 5 : 74 -86...

... of unproductive consumption is also a criticism of the view suggested by Mill that “there is a great consumption of capital during the stagnation which follows a period of general overtrading” (Mill [ 18481 1965, 741). In this connection, Hawley advances the proposition that aggregate pro- duction...

... of the Selective Employment Tax. First Report: The Distributive Trades . London: Her Majesty's Stationery Office. Reddaway, W. B., and Associates. 1973 . Effects of the Selective Employment Tax. Final Report . Cambridge: Cambridge University Press. Svennilson , Ingvar 1954 . Growth and Stagnation...

... stagnation-have been the focus of attention; microeconomic issues have been ignored. This has left a major gap in our understanding of Physiocracy, because the Tableau assumes the existence of high prices for agricultural goods but fails to explain how prices are determined. The Economics...

... Weltkriegen? (Bra- tislava: Prager, 1936), 22-42. 9. Pollock, “Bemerkungen,” 325; cf. N. Moszkowska, Zur Kritik moderner Krisen- theorien (Prague: Michael Kacha, 1935), 102. 84 History of Political Economy 22:l (1990) Stagnation If the crisis represented neither the downturn of a regular...

... policy is feasible with- out faster GNP growth. In an atypical rhetorical flourish, the author poses a long series of unanswered questions, stressing the desperate condition of Chile’s stagnating economy and the extreme political dif- ficulty of imposing stability without growth. It must...

... 2000s.” These three wide-ranging chapters draw parallels between macroeconomic debates in Book Reviews  697 two eras “lost” to stagnation and deflation, emphasizing the eclecticism of econom- ics in Japan and the prominent role of translation...

... of expansion, for “whenever an in- dustry is expanding rapidly and existing plant is being used continuously at capacity level there is nothing to fear from cutthroat competition” (p. 3 1). During periods of stagnation, however, there is an incentive to sustain profit by cartel arrangements...

... commodity,’ . . . [it] does not explain why the stagnation is only temporary, and certainly does not say-or even imply-that the positive real-balance effect of a declining price level, plays any role in the recovery’’ (1965, 456n The positive real- balance effect would suggest an almost...

... of profits”; and D. P. O’Brien, J. R. McCulloch, p. 296: “Secular stagnation resulting from the Corn Laws is the core, indeed the purpose, of the Ricardian model.” 7. In his presidential address to the American Economic Association of December 1968, A. Gerschenkron seems to adopt a view close...

... was, of course, to account for secular stagnation, and to isolate the most effective pre- requisites for secular expansion. He attempts to do this by examining, in turn, the effects of various alternative “programs” including ac- cumulation, and he recognizes circumstances where a “motive...

.... Haberler, G. 1937 . Prosperity and Depression . Geneva: League of Nations. Hansen, A. H. 1937 . Harrod on the Trade Cycle. Quarterly Journal of Economics 56.3 : 509 -31. ____. 1938 . Full Recovery or Stagnation? New York: Norton. ____. 1941 . Fiscal Policy and Business Cycles . New York...

... for Keynesianism to meet the reemer- gent secular problems of the post-1973 era” (4). Rosenof believes that Hansen’s “Continental school Keynesianism” and the secular stagnation thesis might have complemented Means’s stress on structure, corporate concentration...

... a different interpretative chal- lenge: a downturn had occurred when the economy was still operating well below full employment. 37. Hansen, ‘Mr. Keynes on underemployment equilibrium,’ Journal of Political Econ- omy, Oct. 1936,686. 38. See Hansen, Full recovery or stagnation? (New York, 1938...