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A. P. Thirlwall

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A. P. Thirlwall

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The Nature of Economic Growth

An Alternative Framework for Understanding the Performance of Nations

A. P. Thirlwall

This concise book, by one of the leading scholars in development economics, has been developed from a series of lectures given to masters students and will serve as an excellent introduction to the principles of growth and development theory.
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A.P. Thirlwall

Nicholas Kaldor (1908–1986) was Hungarian, and a student and teacher at the London School of Economics (LSE) from 1927 to 1947. He was one of the first academics at the LSE to be converted to Keynesian economics. When Kaldor was appointed to Cambridge in 1949, he took on the mantle shed by Keynes, and was one of the foremost post-Keynesian economists, along with Joan Robinson, Richard Kahn and Luigi Pasinetti, who became joint architects of post-Keynesian growth and distribution theory in strong opposition to neoclassical theory. Kaldor was also involved in many other areas of economics. He pioneered the structural approach to growth; he became one of the world’s leading tax experts; he led a worldwide the attack on the doctrine of monetarism; he was a fierce critic of general equilibrium theory, and, above all, he never lost faith in the basic Keynesian messages of how capitalist economies function in the real world.

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A.P. Thirlwall

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A.P. Thirlwall

This paper considers how Thirlwall's balance-of-payments-constrained growth model has fared over the preceding 40 years. Issues dealt with include how the model fits into Harrod's closed-economy dynamic model; whether the model is a tautology; the role of the exchange rate and terms of trade in influencing the long-run growth rate, and whether capital inflows make any difference to the long-run predictions of the model. The conclusion is that it is mainly the structure of production and trade that determines the long-run growth rate of countries, within a balance-of-payments equilibrium framework, as determinants of the income elasticities of demand for exports and imports.

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Miguel Leon-Ledesma and A.P. Thirlwall

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A. P. Thirlwall and Penélope Pacheco-López

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A. P. Thirlwall and Penélope Pacheco-López

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A. P. Thirlwall and Penélope Pacheco-López