The Goodwin (1967) model of the growth cycle assigns distributional conflict a central role in the dynamics of capital accumulation, but is silent on the determinants of technical change. Following Shah and Desai (1981), previous studies focused on the effects of the direction, or bias of...

In this paper, we introduce endogenous technological change through R&D expenditure on labor- augmenting innovation in the cyclical growth model by Goodwin (Goodwin, R. 1967. “A Growth Cycle.” In Socialism, Capitalism, and Economic Growth, edited by Carl Feinstein, Cambridge, UK: Cambridge...

This comprehensive book on the theory, measurement, and history of economic growth presents Classical and Keynesian in parallel with Neoclassical approaches, and the new variant, neoliberal capitalism. It covers growth theory, tools of intertemporal economic analysis, money and growth,...

We study a series of sustained growth models in which households' preferences are affected by the consumption of other households as summarized by average consumption. In endogenous growth models, the equilibrium paths involve lower savings and lower growth than the corresponding efficient...