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on Post Keynesian Economics |
| By: | Verena Halsmayer; Kevin D. Hoover |
| Abstract: | Modern growth theory derives mostly from Robert Solow’s “A Contribution to the Theory of Economic Growth” (1956). Solow’s own interpretation locates the origins of his “Contribution” in his view that the growth model of Roy Harrod implied a tendency toward progressive collapse of the economy. He formulates his view in terms of Harrod’s invoking a fixed-coefficients production function. We challenge Solow’s reading of Harrod’s “Essay in Dynamic Theory,” arguing that Harrod’s object in providing a “dynamic” theory had little to do with the problem of long-run growth as Solow understood it, but instead addressed medium-run fluctuations, the “inherent instability” of economies. It was an attempt to isolate conditions under which the economy might tend to run below potential. In making this argument, Harrod does not appeal to a fixed-coefficients production function – or to any production function at all, as that term is understood by Solow. Solow interpreted Harrod’s “Essay” in the light of a particular culture of understanding grounded in the practice of formal modeling that emerged in economics in the post-World War II period. The fate of Harrod’s analysis is a case study in the difficulties in communicating across distinct interpretive communities and of the potential for losing content and insights in the process. From Harrod’s English Keynesian point of view, Solow’s interpretation arose out of a culture of misunderstanding, and his objects – particularly, of trying to account for a tendency of the economy toward chronic recessions – were lost to the mainstream literature. |
| Keywords: | economic growth, Roy Harrod, Robert Solow, dynamics, dynamic instability, knifeedge, warranted rate of growth, natural rate of growth |
| JEL: | B22 O4 E12 E13 N1 B31 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:hec:heccee:2013-2&r=pke |
| By: | Martin Visbeck; Ulrike Kronfeld-Goharani; Barbara Neumann; Wilfried Rickels; Jörn Schmidt; Erik van Doorn |
| Abstract: | Oceans regulate our climate, provide us with natural resources such as food, materials, substances, and energy and are essential for international trade, recreational, and cultural activities. Free access to and availability of ocean resources and services, together with human development, have put strong pressures on marine ecosystems, ranging from overfishing and reckless resource extraction to various channels of careless pollution. International cooperation and negotiations are required to protect the marine environment and use marine resources in a way that the needs of future generations will be met. For that purpose, developing and agreeing on a Sustainable Development Goal (SDG) Oceans and Coasts could be an essential element for sustainable ocean management. The SDGs will build upon the Millennium Development Goals (MDG) and replace them by 2015. Even though ensuring environmental sustainability is one of the eight MDG goals, the ocean is not explicitly included. Furthermore, the creation of a comprehensive underlying set of oceanic sustainability indicators would help assessing the current status of marine systems, diagnose on-going trends, and provide information for forward-locking and sustainable ocean governance |
| Keywords: | sustainable development, ocean, sustainability indicators |
| JEL: | Q56 Q57 Q58 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:kie:kieliw:1847&r=pke |
| By: | OECD |
| Abstract: | How to stimulate growth and support job creation are two critical challenges that countries and localities confront and limited resources require lateral thinking about how actions in one area, such as employment and training, can have simultaneous benefits in others, such as creating new jobs and better supporting labour market inclusion. The OECD Local Economic and Employment Development (LEED) Programme has developed an international cross-comparative study, which examines the contribution of local labour market policy to boosting quality employment. Each country review examines the capacity of employment services and training providers to contribute to a long-term strategy which strengthens the resiliency of the local economy, increases skills levels and job quality. In the United States, the study has looked at the range of institutions and bodies involved in workforce and skills development in two states – California and Michigan. In-depth fieldwork focused on two local Workforce Investment Boards in each state: the Sacramento Employment and Training Agency (SETA); the Northern Rural and Training and Employment Consortium (NoRTEC); the Southeast Michigan Community Alliance (SEMCA); and the Great Lakes Bay Michigan Works. The working paper concludes with a number of recommendations and actions to promote job creation at the federal/state and local levels. |
| Date: | 2013–06–07 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaaa:2013/10-en&r=pke |