A collection of essays which develop Professor Nell's economic theory of transformational growth. The author's previous titles include "Free Market Conservatism: A Critique of Theory and Practice" and "Beyond the Steady State: A Revival of Growth Theory".

Part 1 Method and approach: "The Revival of Political Economy" - appendix, Post-Keynesian Flow Diagrams; "Theories of Growth and Theories of Value"; "Value and Capital in Marxian Theory"; "Understanding the Marxian Concept of Exploitation". Part 2 Capital theory in a growing economy: "Accumulation and Capital Theory"; "Capital and the Firm in Neo-Classical Theory"; "Reswitching, Wicksell Effects and the Neo-Classical Production Function"; "The Black Box Rate of Return"; "The Theory of Income Distribution"; "On Long Run Equilibrium in Class Society". Part 3 Transformational growth: "Population Pressure and Methods of Cultivation"; "Economic Relationships in the Decline of Feudalism"; "The Transformation of Agrarian Society"; "The Price Revolution and Primitve Accumulation"; "Cyclical Growth - The Interdependent Dynamics of Industry and Agriculture"; "Mass Production and The Multiplier". Part 4 Prices, investments and effective demand: "Steady Prices in an Unsteady World"; "Stability in Simple Keynesian Systems"; "Wealth Effects and the Government Budget"; "The Simple Theory of Effective Demand"; "Investment, Risk and Finance"; "Does the Rate of Interest Determine the Rate of Profit?"; "Growth, Distribution and Inflation"; "Wages, Inflation and the Labor Market"; "Pricing, Profits and Corporate Investment"; "Controversies in Macroeconomics - Patinkin, Friedman, Marglin". Part 5 Profits and justice: "Economizing Love"; "On Deserving Profits"; "Justice Under Socialism".