Growth and Distribution

Second edition

by Duncan K. Foley, Thomas R. Michl, and Daniele Tavani
Harvard University Press, 2019.

ISBN: 9780674986428

Buy the book on the Harvard University Press Webpage.

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A major revision of an established textbook on the theory, measurement, and history of economic growth, with new material on climate change, corporate capitalism, and innovation.
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Authors Foley, Michl, and Tavani present Classical and Keynesian approaches to growth theory in parallel with Neoclassical ones and introduce students to advanced tools of intertemporal economic analysis, through carefully developed treatments of land- and resource-limited growth. They cover corporate finance and growth, the impact of government debt and social security systems on growth, theories of endogenous technical change, and the implications of climate change for economic growth. The models emphasize rigorous reasoning from basic economic principles and insights without excessive formal complication, and respond to students’ interest in the history and policy dilemmas of real-world economies.

In addition to carefully worked out examples showing how to use the analytical techniques presented, Growth and Distribution, presents many problems suitable for inclusion in problem sets and examinations, and detailed answers to these problems are available. This second edition includes fresh data throughout and new chapters on climate change, corporate capitalism, models of wealth inequality, and technical change.

Reviews

“The first edition of Growth and Distribution was wonderful—I refer back to it time and again. The second edition is even better, extending the analysis to demand-driven growth, wealth accumulation, and climate change. This is a book about growth theory that every serious economist of either mainstream or heterodox persuasion must read and master.”—Lance Taylor, Arnhold Professor Emeritus, The New School for Social Research

“Foley, Michl, and Tavani have put forth a bolder and more comprehensive second edition of their seminal textbook, Growth and Distribution. Partly as a response to new and deeper crises faced by capitalist economies across the world, this edition forges ahead of any other works on the topic by bringing the distribution of income and wealth as well as technical change to the forefront of growth analysis in contemporary economies. Analytical reasoning throughout the book remains grounded in the real world, allowing the students to grasp with ease complex challenges—such as rising inequality and global warming—that economies across the world will be confronting for decades to come.”—Codrina Rada, University of Utah

“Growth and Distribution offers an excellent introduction to the study of economic growth and income distribution in capitalist economies from a classical-Marxian perspective. The text is theoretically sophisticated, empirically informed, and institutionally grounded. The analytical framework developed in the first edition has been adapted and extended in the second, to address new challenges and concerns: rising income inequality, rampant financialization, and runaway climate change. This classic textbook is a must-read for all heterodox students and teachers of macroeconomics.”—Deepankar Basu, University of Massachusetts Amherst