Income Distribution, Inflation, and Growth: Lectures on Structuralist Macroeconomic Theory (Income Distribution, Inflation, and Growth)
By: Lance Taylor (author)Paperback
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Structuralist macroeconomics has emerged recently as the only viable theoretical alternative for economists and practitioners in developing countries. Lance Taylor's innovative work represents a landmark in this field. It codifies a new generation of structuralist macroeconomic models that incorporate the economic power relationships of key institutions and groups, integrates both finance and real macroeconomics, and covers a diverse range of experience in the developing world over the past three decades. In an introduction Taylor explains his methodology, describes assumptions underlying the models used, and reviews theories that relate economic growth and the role of financial assets. He then takes up basic structuralist models of a closed economy and moves on to consider the open economy cases. He incorporates the latest developments in the field (inflation, financial crisis, exchange rate management, increasing returns, and the like) in a treatment that departs substantially from economic orthodoxy. Taylor first addresses the question of how to specify "closure" or define the causal structure of macro models. He also considers how income redistribution influences growth and output and how income redistribution interacts with inflation. Next, an investment-driven non-full employment growth model draws on ideas introduced earlier to illustrate how different sorts of macroeconomic policies affect short-run adjustment and growth prospects over time. Taylor then turns to the problems proposed by economic openness in a stylized semi-industrialized country, starting with international trade. A fix-price/flex-price model is developed, and additional models demonstrate cases of policy relevance as well as interactions between class conflict and growth.
Lance Taylor is Professor of Economics at MIT.
Part 1 Methodology, money and growth: structuralist methodology; stylized macroeconomic relationships and facts; the mainstream alternative; theories of economic growth; money and credit; chapter outlines. Part 2 Short-run model closures and steady state growth: macro causality in the one-sector economy; additional adjustment mechanisms; graphical representations and growth. Appendices: the Ramsey optimal saving model; the overlapping generations growth model. Part 3 Real wages and output: income distribution and output; macro adjustment via real balance changes and forced saving; real balances, input substitution and money wage cuts; political economy. Appendix: "Disequilibrium" macroeconomics. Part 4 Real wages and inflation: structuralist inflation theories; the inflation tax and forced saving; inflation control when output can adjust; political economy. Appendices: inflation-dependent velocity; interest-rate effects on inflation. Part 5 The interest rate, inflation and financial instability: asset markets; the commodity market and inflation; comparative statics in the short run; comparisons across steady states; financial instability; political economy. Part 6 Regressive redistribution, speculation and financial collapse: the financial side of the economy; the real side; comparative statics; a confidence boom; a debt-led boom. Appendix: asset accumulation from wage income. Part 7 Devaluation, output and capital flows: devaluation in the short run; implications of contractionary devaluation; capital market complications; political economy. Part 8 Gap disequilibria - inflation, investment, saving and foreign exchange: saving and foreign exchange gaps as flows of funds; investment crowding-out and crowding-in; interactions between the gaps by pairs; a three-gap resolution; the inflation gap; growth projections; an internal debt trap; an external debt trap. Part 9 Varying terms of trade, distribution and growth: agriculture and industry; agriculture first; traded and nontraded goods; quota rents as assets; trade relationships between the North and South; endogenous capital flows. Appendix: gap disequilibria and the real exchange rate. Part 10 decreasing costs, productivity increases, demand composition, commercial policy and growth: decreasing costs; productivity growth; demand composition; commercial policy. Part 11 Class conflict and growth: Pasinetti's model under neoclassical and more congenial closure rules; a luxury commodity and a new class; distribution and accumulation dynamics in an industrialized economy.
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- ID: 9780262700450
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