In this classic work Joan Robinson goes back to the beginning and works out the basic theory that is needed for a coherent treatment of the problems that present themselves in a developing economy. This new edition features a new introduction, which discusses the great significance of Robinson's work.
Joan Violet Robinson (1903 -1983) was an inspirational post-Keynesian economist who was well known for her work on monetary economics, imperfect competition and for fundamental contributions to many other areas of economics. Initially a supporter of the neoclassical school of economics, she became one its fiercest opponents after becoming acquainted with John Maynard Keynes. Joan Robinson was appointed lecturer in economics at the University of Cambridge, UK, in 1937, elected fellow of Newnham College in 1962 and assumed the position of full professor and fellow of Girton College in 1979. She was the first female fellow of Kings College. Joan Robinson's magnus opus The Accumulation of Capital was first published in 1956 and sought to extend Keynes's theory to the long-run issues of growth and capital accumulation.
Foreword Introduction PART I: INTRODUCTION 1. The Classes of Income 2. The Classes of Wealth 3. The Meaning of Money 4. Capital and Income 5. Consumption and Investment 6. The Meaning of Equilibrium PART II: ACCUMULATION IN THE LONG RUN 7. ASimple Model 8. Section I - Accumulation with One Technique 9. Accumulation with Constant Technique 10. Technical Progress 11. Section II - The Technical Frontier 12. The Spectrum of Techniques 13. The Evaluation of Capital 14. The Technical Frontier in a Golden Age 15. Productivity and the Real Capital Ratio 16. Accumulation without Inventions 17. A Surplus of Labour 18. Section III - Accumulation and Technical Progress 19. Accumulation with Neutral Technical Progress 20. Accumulation with Biased Progress 21. Synopsis of the Theory of Accumulation in the Long Run PART III: THE SHORT PERIOD 22. Prices and Profits 23. Wages and Prices 24. Fluctuations in the Rate of Investment 25. Cycles and Trends PART IV: FINANCE 26. Money and Finance 27. The Rates of Interest PART V: THE RENTIER 28. Consumption of Profits 29. Consumption and Accumulation in the Long Run 30. Rentiers and the Trade Cycle 31. Rentiers and Finance PART VI: LAND 32. Land and Labour 33. Factor Ratios and Techniques. A Digression 34. Land and Accumulation 35. Land, Labour and Accumulation 36. Increasing and Diminishing Returns PART VII: RELATIVE PRICES 37. Supply and Demand PART VIII: International Trade 38. External Investment 39. International Investment NOTES ON VARIOUS TOPICS 40. Postscript 41. The Value of Invested Capital