成長經濟學의 系譜 (其 1)

• 영문명: On Development of Growth Economics (Part I)
• 발행기관: 서울대학교 경제연구소
• 저자명: Chung-Hyo Lee(李忠孝)
• 간행물 정보: 『경제논집』경제논집 4권 4호, 105~139쪽, 전체 34쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 1965.12.31

영문 초록

1. Since Harrod published An Essay in Dynamic Theory in 1939, studies on economic growth by model approach have been proceeded with accelerating impetus in both views of theoretical ramification, mathematical complications and bibliographical quanta. In consequence, it comes to be almost forbidden to survey the whole ganut of theories of the subject and find a family pedigree among them, as J. R. Hicks concedes. In this paper, none the less, it is tried to make a bird's-eye views of the theories, by confining it in Part I to models of one-good economy. 2. I understood that Harrod's warranted growth rate of income is an equilibrium steady-state growth rate if warranted rate is equal to or less than natural rate of growth of income. And the warranted rate is understood as the rate satisfying entrepreneurs in their current pursuit of business and at the same time as the rate of capital stock which meet at all times just that amount of capital required for current production; the natural rate understood as being equivalent to the rate of growth of labour force which is fixed by noneconomic demographic forces. 3. Steady-state growth is approached from two sides, labour and capital in turn. Firstly, unemployment equilibrium models are considered. Closest to static Keynesian theory, models of this class are predicated upon the assumption that the presence of unemployment, even of continuously increasing amounts of unemployment, is not incompatible with equilibrium. Secondly, the neoclassical models assuming flexibility in capital-output ratio are reviewed. In the neoclassical approaches, investment equal to full-employment savings is assumed a requirement for there to be equilibrium, while the amount of labour and capital required to produce a unit of output is assumed not to be fixed. Such assumptions of neo-classical approaches, rendering a derivation of Harrod's prototype, reflect historical observations of co-temporaneous different techniques in production and nearly full-employment trend in the capitalist economies, though the trend having been interrupted sporadically due to somewhat "sinusoidal" features of the capitalist systems. Main proponents of the approaches are Meade, Solow, Swan and Samuelson. Their basic conclusion is that, when production takes place under the usual neoclassical conditions of variable proportions and constant returns to scale, (i.e., under the neo-classical type of linear homogeneous production function) no simple opposition between natural and warranted rates of growth is possible. There may not be any knife-edge which in fact in the case of the Cobb-Douglas function there never can be. The system of model economy can adjust to any given rate of growth of the labour force and eventually approach a state of steady-state equilibrium growth path. 4. In lieu of varying capital-output ratio, the. possibility of variable saving-income ratio can be considered. Such approaches may be called Keynesian on classical, the latter nomenclature being adopted in the paper because they seem to mean ultimately zero-saving by wage-earners as in the Ricardian antecedents. In this class of approaches the hypothesis is laid down that the savings both of profit-earners and of wage-earners are a function of their incomes, but that profit-earner's propensity to save is higher than that of wage-earners, so that the overall saving-income ratio depends on the distribution of income. The classical models, however, usually combine such hypothesis with varying proportions of capital and labour to seek steady-state equilibrium. 5. Another approach is to consider the possibility of varying the rate of growth of population, so that the adjustment needed to achieve steady-state equilibrium can take place on the side of the natural rate instead of on the side of the warranted rate. In this case the population is a function of the level of real wage less the subsistence wage and a direct relationship is established betw

목차

머릿말

Ⅰ. 成長經濟學의 輪廓

Ⅱ. 成長經濟學의 出發點

Ⅲ. 擴張模型