Publisher's Synopsis
This collection of essays further develops Professor Nell's theory of "transformational growth". Established concepts such as the classical notion of prices of production and the wage profit frontier are set within a significant new framework displaying their role in the dynamic evolution of the industrial system from their beginnings in feudalism through the early capitalism of family farms and firms to the modern system of effective demand and multiplier adjustments. The essays present the method and it's relation to the "capital critique" and then go on to develop the main ideas of tranformational growth through a series of historical studies culminating in a revised theory of the multiplier. This leads to a reconstruction of macroeconomics and to new policy conclusions, strongly affirming an expansionist approach.
