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Theory of Economic Growth$
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Michio Morishima

Print publication date: 1969

Print ISBN-13: 9780198281641

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198281641.001.0001

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Possibility of Persistent Growth Equilibrium

Possibility of Persistent Growth Equilibrium

(p.20) II Possibility of Persistent Growth Equilibrium
Theory of Economic Growth

Michio Morishima

Oxford University Press

Examines the possibility of persistent growth equilibrium. The first part of the chapter looks at price‐guided choice of techniques and factor‐price frontiers. The second digresses into the degree of mechanization problem. Remaining parts discuss the warranted rate of growth, the natural rate of growth, and an alternative approach to growth equilibrium due to Hicks. The final part presents a synthesis of the two methods for finding a growth equilibrium discussed in the chapter: the ‘Oxford’ method principally due to Roy Harrod, and the ‘Cambridge’ method, which is accepted by such Cambridge economists as Joan Robinson, N. Kaldor, P. Sraffa, R. F. Kahn, and L. L. Pasinetti.

Keywords:   economic growth, factor‐price frontiers, growth equilibrium, Roy Harrod, R. F. Kahn, N. Kaldor, natural rate of growth, L. L. Pasinetti, persistent growth equilibrium, price, Joan Robinson, P. Sraffa, warranted rate of growth

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