Income Distribution, Inflation, and Growth by Lance Taylor

Income Distribution, Inflation, and Growth by Lance Taylor

Structuralist macroeconomics has emerged recently as the only viable theoretical alternative for economists and practitioners in developing countries. Lance Taylor's innovative work represents a landmark in this field. It codifies a new generation of structuralist macroeconomic models that incorporate the economic power relationships of key institutions and groups, integrates both finance and real macroeconomics, and covers a diverse range of experience in the developing world over the past three decades. In an introduction Taylor explains his methodology, describes assumptions underlying the models used, and reviews theories that relate economic growth and the role of financial assets. He then takes up basic structuralist models of a closed economy and moves on to consider the open economy cases. He incorporates the latest developments in the field (inflation, financial crisis, exchange rate management, increasing returns, and the like) in a treatment that departs substantially from economic orthodoxy. Taylor first addresses the question of how to specify closure or define the causal structure of macro models. He also considers how income redistribution influences growth and output and how income redistribution interacts with inflation. Next, an investment-driven non-full employment growth model draws on ideas introduced earlier to illustrate how different sorts of macroeconomic policies affect short-run adjustment and growth prospects over time. Taylor then turns to the problems proposed by economic openness in a stylized semi-industrialized country, starting with international trade. A fix-price/flex-price model is developed, and additional models demonstrate cases of policy relevance as well as interactions between class conflict and growth.

Taylor, Lance: - Lance Taylor is Arnhold Professor of International Cooperation and Development at the New School for Social Research.

SKU	Unavailable
ISBN 13	9780262700450
ISBN 10	026270045X
Title	Income Distribution, Inflation, and Growth
Author	Lance Taylor
Series	The Mit Press
Condition	Unavailable
Binding Type	Paperback
Publisher	MIT Press Ltd
Year published	1991-10-09
Number of pages	310
Cover note	Book picture is for illustrative purposes only, actual binding, cover or edition may vary.