The Growing Economy
Principles of Political Economy Volume II
Published April 27th 2012 by Routledge – 510 pages
Series: Collected Works of James Meade
First published in 1968, this is the second part of Professor Meade’s Principles of Political Economy, which presents a systematic treatment of the whole field of economic analysis in the form of a series of simplified models which are specifically designed to show the interconnections between the various specialist fields of economic theory.
In this volume, Professor Meade is concerned with the theory of economic growth and the rates at which various economic quantities are growing. In order to do this, he introduces capital goods into the system and allows for growth through capital accumulation, population expansion and technical progress. His analysis is divided into two models: a one product model and a many-product model.
‘It is a long time since anyone attempted to write a treatise … on economic analysis in general … This is a splendid and bold idea. Professor Meade is a master of lucid and rigorous theoretical exposition.’ – The Economist
‘It is outstandingly lucid. And, by bringing the basic notions of activity analysis and linear programming together by traditional price theory, it performs a much needed piece of synthesis at an elementary level.’ – New Society
Part 1: The One-Product Model 1. Six Assumptions 2. Money, Prices, and Interest in the One Product Model 3. Of Propdems, Plantcaps, and Other States of Society 4. The One-Product Model of Capitalistic Production 5. Changes in Standards of Living in Propdems and Plantcaps 6. The State of Trendy Growth. (1) Two Factors and no Technical Progress. 7. The State of Steady Growth (2) A Third Factor and Technical Progress 8. The Level of Consumption in a State of Steady Growth 9. The Determinants of Technical Progress 10. Demographic Adjustment 11. Population Growth and the Standard of Living 12. Savings (1) Perfect Selfishness 13. Savings (2) Perfect Altruism 14. From Propdem and Plantcap to Propcap Part 2: The Many-Product Model 15. Capitalistic Production with Many Products 16. Money, Prices, and Interest in a Many-Product Economy 17. The Stationary State 18. Equilibrium Growth in a Competitive Economy 19. Planned Growth in a Socialist Economy 20. A Four-Product Model 21. Risk, Uncertainty and Enterprise 22. Three Methods of Reducing Risk and Uncertainty 23. Efficiency and Distribution Revisited - Conclusion