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15 years of new growth economics: What have we learnt?

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Author Info
Xavier Sala-i-Martin () (Columbia University - Department of Economics)

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Abstract

Paul Romer's paper "Increasing Returns and Long Run Growth" is now 15 years old. This pathbreaking contribution led to a resurgence in research on Economic Growth. The new literature has made a number of important contributions. One of the main ones, perhaps the main one, is that it has shifted the research focus of macroeconomists. From the time Lucas, Barro, Prescott and Sargent led the rational expectations revolution until Romer, Barro and Lucas started the new literature on economic growth, macroeconomists devoted virtually zero effort to the study of long-run issues and they were all doing research on business cycle theory. And, in this sense, the new growth theory represented a step in the right direction. The new growth literature has had a similar impact on macroeconomics classes and textbooks. Up until 1986, most macroeconomics classes and most macroeconomic textbooks either relegated economic growth to play a marginal role or they neglected it altogether. Things are very different now. Modern undergraduate textbooks devote more than a third of their space to economic growth and most macroeconomic classes (graduate and undergraduate) devote a substantial amount of time to this important subject. The impact of these two changes on the training of new young economists is very important, and this should be viewed as another contribution of the new economic growth literature. But the contributions I wish to highlight in this conference are the substantial ones: I want to discuss the most significant ways in which the new economic growth literature has expanded our understanding of economics.

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Paper provided by Columbia University, Department of Economics in its series Discussion Papers with number 0102-47.

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Length: 26 pages
Date of creation: 2002
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Handle: RePEc:clu:wpaper:0102-47

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    Other versions:
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  25. Kiminori Matsuyama, 1990. "Increasing Returns, Industrialization and Indeterminacy of Equilibrium," Discussion Papers 878, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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    Other versions:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Alison Stegman, 2005. "Convergence In Carbon Emissions Per Capita," CAMA Working Papers 2005-08, Australian National University, Centre for Applied Macroeconomic Analysis. [Downloadable!]
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  2. Bigsten, Arne, 2003. "Globalisation and the Asia-Pacific Revival," Working Papers in Economics 118, Göteborg University, Department of Economics. [Downloadable!]
  3. Alicia N. Rambaldi & D.S. Prasada Rao & K. Renuka Ganegodage, 2009. "Spatial Autocorrelation and Extrapolation of Purchasing Power Parities. Modelling and Sensitivity Analysis," CEPA Working Papers Series WP012009, School of Economics, University of Queensland, Australia. [Downloadable!]
  4. Lundström, Susanna, 2003. "Effects of Economic Freedom on Growth and the Environment - Implications for Cross-Country Analysis," Working Papers in Economics 115, Göteborg University, Department of Economics. [Downloadable!]
  5. Desierto, D., 2005. "The Co-evolution of Institutions and Technology," Cambridge Working Papers in Economics 0558, Faculty of Economics, University of Cambridge. [Downloadable!]
  6. Maria Luisa Decuir-Viruez, 2006. "Institutions and Regional Economic Growth: An Assessment of Mexican Regional Strategies 1970-2000," ERSA conference papers ersa06p344, European Regional Science Association. [Downloadable!]
  7. Tebaldi, Edinaldo & Mohan, Ramesh, 2008. "Institutions-Augmented Solow Model And Club Convergence," MPRA Paper 10386, University Library of Munich, Germany. [Downloadable!]
  8. D.S. Prasada Rao & Alicia Rambaldi & Howard Doran, 2008. "A Method to Construct World Tables of Purchasing Power Parities and Real Incomes Based on Multiple Benchmarks and Auxiliary Information: Analytical and Empirical Results," CEPA Working Papers Series WP052008, School of Economics, University of Queensland, Australia. [Downloadable!]
  9. Tebaldi, Edinaldo & Elmslie, Bruce, 2008. "Do Institutions Impact Innovation?," MPRA Paper 8757, University Library of Munich, Germany. [Downloadable!]
  10. Warwick J. McKibbin & Alison Stegman, 2005. "Convergence And Per Capita Carbon Emissions," CAMA Working Papers 2005-10, Australian National University, Centre for Applied Macroeconomic Analysis. [Downloadable!]
  11. Tebaldi, Edinaldo & Elmslie, Bruce, 2008. "Institutions, Innovation and Economic Growth," MPRA Paper 9683, University Library of Munich, Germany. [Downloadable!]
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