Theories of Technical Change and Investment
Riches and Rationality
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Examining the interactive relationship between the two main sources of growth, accumulation and technical change, this book describes and evaluates various explanations, from the vantage point of how economic agents' behaviour is specified. It also considers the decision-making process.
'Technology is becoming ever more widely recognised as the crucial element in the explanation of economic growth and business fluctuations. Yet the relationship between investors' rationality and investment strategy remains ill understood, and is often constructed in contradictory fashion. Chidem Kurdas's lucid exploration of the problem provides the basis for a synthesis that should prove extremely useful: it is the most original book if its kind that I know.' Professor Heilbroner, The New School for Social Research, New York What is involved in the rational calculation behind the decision to invest and innovate? This book compares the different answers given to this question, from the early classics to recent new classical and new institutionalist models, in a both rigorous and accessible way.
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