This paper embeds a technical progress function in a classical growth model and studies the effects of permanent changes in parameters and temporary shocks such as pandemics. Technical change is driven by dynamic economies of scale and responds to distributional forces: the wage share regulates...

Kurz and Salvadori's thoroughly accounts for the recent developments in the classical theory of value and distribution. The authors, however, claim that long-period classical analysis can only deal with stationary economies, or economies in balanced growth, and restrict their theoretical...

How do we measure economic growth? In the 18th century, well before the birth of Gross Domestic Product commonly used today, looking at the sign of the balance of trade was a way to take the pulse of a nation’s economy. Adam Smith rejects this measure and instead suggests that we should look...