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This book brings together a number of contributions in growth theory and macroeconomic dynamics.
The development of the endogenous growth model rekindled interest in growth theory. In contrast to the neo-classical model, long-run endogenous growth emerged as an equilibrium outcome, reflecting the behavior of optimizing agents in the economy. This book brings together a number of contributions in growth theory and macroeconomic dynamics, reflecting these recent developments and the ongoing debate over the relative merits of neo-classical and endogenous growth models. It focuses on the emergence of three important aspects: First, it develops growth models that extend the underlying theory in different directions. Second, it addresses one of the concerns of the recent literature on growth and dynamics: the statistical properties of underlying data and the effort to ensure that growth models are consistent with empirical evidence. Third, it discusses the increasingly international focus of macrodynamics and growth theory, an inevitable consequence of the integration of the world economy.
Table of content:
Part I. Topics in Growth Theory: 1. Growth and the elasticity of substitution John D. Pitchford; 2. Relative wealth, catching up and economic growth Ngo Van Long and Koji Shimomura; 3. Knowledge, and development: a Schumpeterian approach Philippe Aghion, Cecilia Garcia-Peñalosa and Peter Howitt; Part II. Statistical Issues in Growth and Dynamics: 4. De-linearising the neo-classical convergence model Steve Dowrick; 5. Singularity bifurcation William Barnett and Yijun He; Part III. Dynamic Issues in International Economics: 6. Dynamic trade creation Eric Fisher and Neil Vousden; 7. Substitutability of capital, investment costs, and foreign aid Santanu Chatterjee and Stephen J. Turnovsky; 8. Examples of micro-churning with smooth macro growth Ronald W. Jones.
The development of the endogenous growth model rekindled interest in growth theory. In contrast to the neo-classical model, long-run endogenous growth emerged as an equilibrium outcome, reflecting the behavior of optimizing agents in the economy. This book brings together a number of contributions in growth theory and macroeconomic dynamics, reflecting these recent developments and the ongoing debate over the relative merits of neo-classical and endogenous growth models. It focuses on the emergence of three important aspects: First, it develops growth models that extend the underlying theory in different directions. Second, it addresses one of the concerns of the recent literature on growth and dynamics: the statistical properties of underlying data and the effort to ensure that growth models are consistent with empirical evidence. Third, it discusses the increasingly international focus of macrodynamics and growth theory, an inevitable consequence of the integration of the world economy.
Table of content:
Part I. Topics in Growth Theory: 1. Growth and the elasticity of substitution John D. Pitchford; 2. Relative wealth, catching up and economic growth Ngo Van Long and Koji Shimomura; 3. Knowledge, and development: a Schumpeterian approach Philippe Aghion, Cecilia Garcia-Peñalosa and Peter Howitt; Part II. Statistical Issues in Growth and Dynamics: 4. De-linearising the neo-classical convergence model Steve Dowrick; 5. Singularity bifurcation William Barnett and Yijun He; Part III. Dynamic Issues in International Economics: 6. Dynamic trade creation Eric Fisher and Neil Vousden; 7. Substitutability of capital, investment costs, and foreign aid Santanu Chatterjee and Stephen J. Turnovsky; 8. Examples of micro-churning with smooth macro growth Ronald W. Jones.