Search

Examines the Great Depression in the United States from 1929 to 1933 from the perspective of neoclassical growth theory. Background discussion on the neoclassical theory; International comparisons of economic declines; Analysis of three classes of real shocks considered important in typical business cycle fluctuations; Information on monetary shocks.

Criticizes an article in the same issue which examines the Great Depression in the United States in the 1930s from the perspective of the neoclassical growth theory. Brief review of the growth theory; Explanation on why the behavior of market hours is the key to explaining the Great Depression; Application of growth theory to Japan's economy in the 1990s.

Traces the pioneering contributions of earlier economics textbook writers to counter the notion that the Marshallian cross diagram begins with Alfred Marshall. Price elasticity of demand; Supply curve; Effects of a tax; Laws of demand by Jules Dupuit; Marginal utility, total utility and consumers' surplus.

Compares the traditional neoclassical theory of economic growth with several endogenous growth models to account for ongoing per capita growth. Basic neoclassical setup; Technical progress; Optimality; History of thought; Weaknesses of the neoclassic model; Endogenous growth mechanisms; Issues concerning endogenous growth analysis; Conditional convergence.