Mario Amendola and Jean-Luc Gaffard argue that all too often, markets and techlogy are treated as two magic words that will open the door to a wealth of riches. An increasing number of governments appear to be aiming for a pure market ecomy in order to reap the benefits of a benevolent techlogy that promises the most spectacular advances. Both markets and techlogy can certainly be considered essential ecomic factors, but which market and what techlogy? Is the current prevailing view of competition without restraints and privatisation at all costs actually the essence of the market? This book maintains that the dominant view mistakes the relationship between growth and technical change and, as a consequence, the role of the market in this context. The authors argue that once the issue is analysed in the proper light, the usual ingredients of the dominant policy recipe - zero inflation, balanced budgets, privatisations, deregulation of all markets, extreme flexibility - may t actually be the appropriate ones. The Market Way to Riches will appeal to academics from many branches of ecomics including heterodox, evolutionary and macroecomics and those with an interest in ecomic growth generally. Policy makers influencing ecomic growth will also find much to engage them.
Mario Amendola, University of Rome `La Sapienza', Italy and Jean-Luc Gaffard, University of Nice Sophia Antipolis, Institut Universitaire de France and Observatoire Francais des Conjonctures Economiques, France