Economic Growth in the West
Economic Growth in the West is a comprehensive study of economic growth that presents the comparison and analysis of economic advance in the twelve leading countries that comprise the industrial West. With observations on the North American- and United Kingdom economies, it also explores the economic policy influence on the different growth rates and their growth potentials. The author also discusses the major powers’ policy problems and the outcomes that affected the developing nations. Economic Growth in the West presents basic statistical series on gross national products, productivity, population, labor force, employment, working hours, investment and capital-output ratios.
Table of Contents
PART I: The Record of Western Growth
The Growth of Output
Movement in Population and Output per Head
Labor Supply
Total Labor Input
Productivity Growth
Comparative Levels of Productivity
PART II: The Reasons for Accelerated Growth
The Impact of Demand
Demand, Profits and Profit Factors on the Supply Side
Recovery Elements
Disguised Unemployment
The American-European Productivity Gap
Structural Changes in Expenditure and Output
The Effect of European Integration
The Role of Investment.
PART III: Investment and Growth
The Pattern of Investment
The Measurement of Investment
General Influences Affecting the Productivity of Investment
Capacity Use
Replacement
Capital Widening and Deepening
The Nature of Technical Progress
The Quality of Management and the Capacity to Absorb Investment
Conclusions
PART IV: The Role of Government in Promoting Growth
The Aims of Policy
Managing the Level of Demand
Public Spending
The Management of Private Demand
Conclusions on the Management of Demand
Maintaining Competitiveness
Conclusions on the Control of Prices
Fostering the Growth of Output Potential
Education and Research
Incentives to Corporate Investment
Tax Inducements to Personal Savings
Government Influence on the Pattern of Private Investment
Government Saving and Investment
Other Measures Affecting the Allocation of Resources
Planning
The Process of Policy Formulation
Conclusions
PART V: The International Environment
The Structure of the World Economy
The Nature of the Interdependence of Industrial Countries
Trade, Trade Policy and Economic Growth
Capital Movements as a Stabilizing and Destabilizing Force
International Liquidity and Payments Arrangements
Payments Problems
Policy Weapons for External Equilibrium
Conclusions