{"title":"THIRLWALL ON HARROD","authors":"Esteban Pérez Caldentey","doi":"10.22201/fe.01851667p.2023.326.86695","DOIUrl":null,"url":null,"abstract":"Tony Thirlwall considers Roy Harrod (1900-1978) one of the greatest economists of the 20th century and second, in originality, to Keynes among British economists. Along with Kaldor, Thirlwall recognized the superior analytical power of Harrod’s foreign trade multiplier over the Keynesian investment multiplier. The analysis of the impact of the balance of payments on countries’ economic performance led him to formulate Thirlwall’s law. Thirlwall has underscored the generality of Harrod’s dynamic foreign trade multiplier by extending it to explain interregional growth rate differences. He has also provided greater consistency to Harrod’s dynamics by integrating the balance-of-payments equilibrium growth rate with Harrod’s warranted and natural growth rates. Abstracting from external sector considerations, Thirlwall has shown that the relation between the natural and warranted rates of growth is a useful pedagogic device for understanding the policy choices available to less developed countries.","PeriodicalId":44170,"journal":{"name":"Investigacion Economica","volume":"40 1","pages":"0"},"PeriodicalIF":0.6000,"publicationDate":"2023-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Investigacion Economica","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.22201/fe.01851667p.2023.326.86695","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
Tony Thirlwall considers Roy Harrod (1900-1978) one of the greatest economists of the 20th century and second, in originality, to Keynes among British economists. Along with Kaldor, Thirlwall recognized the superior analytical power of Harrod’s foreign trade multiplier over the Keynesian investment multiplier. The analysis of the impact of the balance of payments on countries’ economic performance led him to formulate Thirlwall’s law. Thirlwall has underscored the generality of Harrod’s dynamic foreign trade multiplier by extending it to explain interregional growth rate differences. He has also provided greater consistency to Harrod’s dynamics by integrating the balance-of-payments equilibrium growth rate with Harrod’s warranted and natural growth rates. Abstracting from external sector considerations, Thirlwall has shown that the relation between the natural and warranted rates of growth is a useful pedagogic device for understanding the policy choices available to less developed countries.
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It is a specialized journal, bilingual (Spanish and English), plural and critical, which accepts and publishes scientific research articles in national and international economy. It is considered a public good that belongs to the University and society. Its vocation is to analyze the evolution of the theoretical and practical economics. In its pages the paradigms of economics, history of economic thought, the theories and debates about economic policy and its consequences, the diagnosis of the Mexican economy, the economic development of Latin America and the problems spread the world economy in general. It is a journal that does not discriminate plural none paradigm; theoretical orientation is unorthodox for epistemological reasons, not ideological preferences.
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