لایب سان

Peter L. Swan
UNSW Australia
NSW Sydney, NSW, Australia
ISSN 2662-6578 ISSN 2662-6586 (electronic)
Palgrave Studies in the History of Economic Thought
ISBN 978-3-031-23806-2 ISBN 978-3-031-23807-9 (eBook)
https://doi.org/10.1007/978-3-031-23807-9
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer
Nature Switzerland AG 2023
This work is subject to copyright. All rights are solely and exclusively licensed by the
Publisher, whether the whole or part of the material is concerned, specifically the rights
of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on
microfilms or in any other physical way, and transmission or information storage and
retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology
now known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc.
in this publication does not imply, even in the absence of a specific statement, that such
names are exempt from the relevant protective laws and regulations and therefore free for
general use.
The publisher, the authors, and the editors are safe to assume that the advice and informa-
tion in this book are believed to be true and accurate at the date of publication. Neither
the publisher nor the authors or the editors give a warranty, expressed or implied, with
respect to the material contained herein or for any errors or omissions that may have been
made. The publisher remains neutral with regard to jurisdictional claims in published maps
and institutional affiliations.
This Palgrave Macmillan imprint is published by the registered company Springer Nature
Switzerland AG
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland

Contents 1 Peter L. Swan The Twin Goals of Internal and External Balance 1 2 Peter L. Swan: The Theory of Economic Growth 11 3 H. W. Arndt Non-traded Goods and the Balance of Payments: The Australian Contribution 29 4 T. W. Swan Simple Algebra: External Balance, Internal Balance and Price Stability 35 5 T. W. Swan Economic Control in a Dependent Economy 45 6 T. W. Swan Circular Causation 67 7 T. W. Swan Longer Run Problems of the Balance of Payments 75 8 W. E. G. Salter Internal and External Balance: The Role of Price and Expenditure Effects 87 9 H. W. Arndt Notes on T. W. Swan Population Growth and Economic Development 105 10 T.W. Swan “Orbituary of Wilfred Edward Graham Salter: 1929–1963” 109 v vi CONTENTS 11 T. W. Swan Effective Protection with Cobb–Douglas Input Substitution in Domestic Supply 113 12 T. W. Swan Overseas Investment in Australia: Treasury Economic Paper No. 1 117 13 T. W. Swan Perceptions in Kaleidascope 123 14 Peter L. Swan “Why ABS Volume GDP Figures Can Be Misleading” 129 15 John D. Pitchford Trevor Swan’s 1956 Economic Growth “Seminar” and Notes on Growth 139 16 T. W. Swan Economic Growth 153 17 T. W. Swan Economic Growth and Capital Accumulation 165 18 Robert Dixon Trevor Swan on Equilibrium Growth with Technical Progress 199 19 Robert W. Dimand and Barbara J. Spencer Trevor Swan and the Neoclassical Growth Model 209 20 T. W. Swan Growth Models: Of Golden Ages and Production Functions 231 21 T. W. Swan Technical Progress in Balanced Growth 249 22 N. G. Butlin and R. G. Gregory Trevor Winchester Swan 1918–1989 253 Appendix 1: Trevor Swan and Joan Robinson 271 Appendix 2: Letter from Robert Solow, MIT, April 1, 1957 277 Appendix 3: Letters 279 Appendix 4: Timeframe—Trevor Winchester Swan 1918–1989 305 Bibliography 315 Index 327 List of Figures Fig. 1.1 Trevor Swan’s model of internal and external balance, 1955 5 Fig. 1.2 Geoff Pryor Cartoon Right through primary school I had a desk next to a boy who was far more interested in drawing splendid sketches than in lessons. This was Geoff Pryor who sums up the Hawke-Keating reforms in a magnificant cartoon. The Geoff Pryor cartoon depicting (from left): Paul Keating, Bob Hawke imposing a free market for the Australian dollar on the Opposition Leader Andrew Peacock and his deputy, John Howard. National Library of Australia obj-156519017. https://www.nma.gov.au/defining- moments/resources/australian-dollar-floated 9 Fig. 2.1 Solution to Trevor Swan’s growth model (Swan, 1956) 13 Fig. 2.2 Solution to Solow’s version of the growth model (Solow, 1956) 14 Fig. 5.1 Achieving both Internal and External Balance by setting the right Cost Ratio (R/W) 53 Fig. 5.2 Choosing the right combination of the External Price Level and the Money Wage 54 Fig. 6.1 An unstable non-linear relationship between White prejudice and Negro standards 68 Fig. 6.2 A stable non-linear relationship between White prejudice and Negro standards 70 vii viii LIST OF FIGURES Fig. 6.3 A sequence of high-level standards stability, instability, and low-level standards stability 73 Fig. 7.1 How the simultaneous determination of internal and external balance depends on the cost ratio and real expenditure 78 Fig. 7.2 The four zones of economic unhappiness (dubbed the Swan Diagram) 79 Fig. 8.1 a Indicates disequilibrium and Swan’s four zones of economic unhappiness, b Illustrates the simultaneous achievement of internal and external balance 90 Fig. 8.2 a Indicates excess expenditure and balance of payments deficit, b Shows that even with income and expenditure equal, the demand for importables can be too high 93 Fig. 8.3 a Shows the effect of a higher foreign price of tradeables, b shows the beneficial effect of capital inflow permitting a desirable balance of payments deficit 96 Fig. 8.4 a Indicates the impact of a worsening in the terms of trade, b Shows that the response requires reduced expenditure and devaluation of the exchange rate 99 Fig. 8.5 Illustrates lack of supply response in the short-run. a shows the burden falling on unemployment, b shows the use of devaluation in an effort to restore the trade balance, c Shows the use of temporary import quotas 103 Fig. 15.1 Swan’s general model behind Chart (1) of the notes 146 Fig. 15.2 Swan’s more general “Swan Diagram” from Chart (3) 149 Fig. 17.1 Trevor Swan’s neoclassical growth model depicted in terms of the growth rates of labor, capital, and per capita output as a function of the capital-output ratio 168 Fig. 17.2 A “classical” version of the model with land fixed in supply 173 Fig. 19.1 The Swan diagram 220 Fig. 20.1 The Golden Age equilibrium with a constant output per unit of capital 235

برای ارسال نظر لطفا وارد شوید یا ثبت نام کنید