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The Economics of Growth

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Author Info

  • Philippe Aghion

    () (Harvard University)

  • Peter Howitt

    () (Brown University)

Abstract

This comprehensive introduction to economic growth presents the main facts and puzzles about growth, proposes simple methods and models needed to explain these facts, acquaints the reader with the most recent theoretical and empirical developments, and provides tools with which to analyze policy design. The treatment of growth theory is fully accessible to students with a background no more advanced than elementary calculus and probability theory; the reader need not master all the subtleties of dynamic programming and stochastic processes to learn what is essential about such issues as cross-country convergence, the effects of financial development on growth, and the consequences of globalization. The book, which grew out of courses taught by the authors at Harvard and Brown universities, can be used both by advanced undergraduate and graduate students, and as a reference for professional economists in government or international financial organizations. The Economics of Growth first presents the main growth paradigms: the neoclassical model, the AK model, Romer's product variety model, and the Schumpeterian model. The text then builds on the main paradigms to shed light on the dynamic process of growth and development, discussing such topics as club convergence, directed technical change, the transition from Malthusian stagnation to sustained growth, general purpose technologies, and the recent debate over institutions versus human capital as the primary factor in cross-country income differences. Finally, the book focuses on growth policies—analyzing the effects of liberalizing market competition and entry, education policy, trade liberalization, environmental and resource constraints, and stabilization policy—and the methodology of growth policy design. All chapters include literature reviews and problem sets. An appendix covers basic concepts of econometrics.

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This book is provided by The MIT Press in its series MIT Press Books with number 9780262012638 and published in 2009.

Volume: 1
Edition: 1
ISBN: 978-0-262-01263-8
Handle: RePEc:mtp:titles:9780262012638

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Web page: http://mitpress.mit.edu

For corrections or technical questions regarding this item, or to correct its listing, contact: (Jake Furbush).

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Cited by:
  1. Jean-Marie Le Page, 2011. "Real Interest Rate and Growth Rate: Theory and Empirical Evidence," Frontiers in Finance and Economics, SKEMA Business School, vol. 8(2), pages 136-152, October.
  2. Daron Acemoglu & Philippe Aghion & Leonardo Bursztyn & David Hemous, 2009. "The Environment and Directed Technical Change," NBER Working Papers 15451, National Bureau of Economic Research, Inc.
  3. Ang, James B., 2011. "Financial development, liberalization and technological deepening," European Economic Review, Elsevier, vol. 55(5), pages 688-701, June.
  4. Askenazy, Philippe & Cette, Gilbert & Maarek, Paul, 2012. "Rent Building, Rent Sharing: A Panel Country-Industry Empirical Analysis," IZA Discussion Papers 6443, Institute for the Study of Labor (IZA).
  5. Ang, James B., 2010. "Research, technological change and financial liberalization in South Korea," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 457-468, March.
  6. E. et al. Saltari, 2011. "The impact of ICT on the Italian productivity dynamics," Working Papers 149, University of Rome La Sapienza, Department of Public Economics.
  7. Carlos Esteban Posada, 2011. "Un modelo “cuasi-Solow” y el caso de la tasa de ahorro endógena," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE.
  8. Toivanen, Otto & Väänänen, Lotta, 2011. "Education and invention," Open Access publications from Katholieke Universiteit Leuven urn:hdl:123456789/325745, Katholieke Universiteit Leuven.
  9. Stelios Michalopoulos & Luc Laeven & Ross Levine, 2009. "Financial Innovation and Endogenous Growth," NBER Working Papers 15356, National Bureau of Economic Research, Inc.
  10. Veselov, D., 2011. "Market Failures and Government Failures in the Model of Transition from Stagnation to Growth," Journal of the New Economic Association, New Economic Association, issue 12, pages 24-39.
  11. Gregorio Giménez, 2011. "Imitations, economic activity and welfare," Documentos de Trabajo dt2011-03, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza.
  12. Philippe Aghion, 2009. "Some Thoughts on Industrial Policy and Growth," Documents de Travail de l'OFCE 2009-09, Observatoire Francais des Conjonctures Economiques (OFCE).
  13. James B. Ang & Jakob B. Madsen, 2012. "Risk Capital, Private Credit And Innovative Production," Monash Economics Working Papers 08-12, Monash University, Department of Economics.
  14. Cesar A. Hidalgo, 2012. "Discovering East Africa's Industrial Opportunities," Quantitative Finance Papers 1203.0163, arXiv.org.

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