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Time to build and out-of-equilibrium growth process

Listed author(s):
  • Amendola, Mario
  • Gaffard, Jean-Luc

This paper proposes an analytical approach to growth modelling that focuses on the temporal and hence the organizational dimension of real production processes, rather than making use of a production function, which is a pure technical relationship. This approach takes advantage of the breakthroughs in economic theory by Georgescu-Roegen and Hicks. The step-by-step analysis of production in time proposed by Georgescu-Roegen has brought into light the idleness of capital equipment and of human resources as the main obstacle to growth, and given a robust basis to Smith's growth theory according to which the articulation between the division of labor and the extent of market is the main engine of growth. The analysis of the time dimension of production processes proposed by Hicks that focuses on the distinction between construction and utilization phases has opened the way for a comprehensive analysis of the type of disturbances – unemployment and productivity slowdown – which arise along an out-of-equilibrium growth path. These contributions provide the basis for the analysis of qualitative change as a learning process, whose evolution is not predetermined but depends on what happens along the way, that is, on the recurrent distortions in the structure of productive capacity due to co-ordination failures.

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File URL: http://www.sciencedirect.com/science/article/pii/S0954349X13000040
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Article provided by Elsevier in its journal Structural Change and Economic Dynamics.

Volume (Year): 29 (2014)
Issue (Month): C ()
Pages: 19-27

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Handle: RePEc:eee:streco:v:29:y:2014:i:c:p:19-27
DOI: 10.1016/j.strueco.2013.01.003
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/525148

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  1. Dosi, Giovanni, 1993. "Technological paradigms and technological trajectories : A suggested interpretation of the determinants and directions of technical change," Research Policy, Elsevier, vol. 22(2), pages 102-103, April.
  2. Georgescu-Roegen, Nicholas, 1970. "The Economics of Production," American Economic Review, American Economic Association, vol. 60(2), pages 1-9, May.
  3. Amendola, Mario & Gaffard, Jean-Luc, 1998. "Out of Equilibrium," OUP Catalogue, Oxford University Press, number 9780198293804.
  4. Burmeister, Edwin, 1974. "Synthesizing the Neo-Austrian and Alternative Approaches to Capital Theory: A Survey," Journal of Economic Literature, American Economic Association, vol. 12(2), pages 413-456, June.
  5. Hicks, John R [Sir], 1975. "Revival of Political Economy: The Old and the New," The Economic Record, The Economic Society of Australia, vol. 51(135), pages 365-367, September.
  6. Mario Amendola & Jean-Luc Gaffard, 2006. "The market way to riches: behind the myth," Post-Print halshs-00420556, HAL.
  7. Hicks, J R, 1970. "A Neo-Austrian Growth Theory," Economic Journal, Royal Economic Society, vol. 80(318), pages 257-281, June.
  8. Mario Amendola & Jean-Luc Gaffard, 2006. "The Market Way to Riches," Books, Edward Elgar Publishing, number 4234.
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