Mainstream Growth Ecomists and Capital Theorists provides a historical survey and ideal introduction to modern ecomics, arguing that due to significant changes in recent years, a re-evaluation is in order. Marin Muzhani presents an informed study of the debates regarding ecomic growth and development that began in the 1930s in response to the Great Depression. He argues that in the wake of that crisis, the challenge for ecomists was to understand how to generate stable ecomic growth in order to prevent future crises. The theories of John Maynard Keynes, in particular, sought to explain the reasons for unemployment and recessions, paving the way for the field of macroecomics and challenging the basic premises of neoclassical ecomics. In the late 1930s and 1940s, ecomists began to extend Keynes' ideas, synthesizing them with neoclassical ideas in order to explain ecomic growth. This neoclassical synthesis would dominate mainstream macroecomic thought for the next forty years until the mid-1980s with the introduction of endogeus growth theories. Taking into account the historical background, the multitude of interpretations of modern growth models, and the geography of mainstream ecomists, Mainstream Growth Ecomists and Capital Theorists will simplify the structure of growth theory for the next generation of ecomists.
Marin Muzhani is an economics researcher and has been a postdoctoral visiting scholar at universities in Europe and North America.