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Growth Theory and After


  • Solow, Robert M


I have been told that everybody has dreams, but that some people habitually forget them even before they wake up. That seems to be what happens to me. So I do not know if I have ever dreamt about giving this Lecture. I know that I have been in this room before, but that was in real life, and I was awake. If I have given this lecture in my dreams, there is no doubt that the topic was the theory of economic growth. I am told that the subject of the lecture should be "on or associated with the work for which the Prize was awarded." That is pretty unambiguous. But I would not even wish to use the leeway offered by the phrase "associated with." Growth theory is exactly what I want to talk about: for itself, for its achievements, for the gaps that remain to be filled, and also as a vehicle for some thoughts about the nature of theoretical research in macroeconomics, and empirical research as well.
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Suggested Citation

  • Solow, Robert M, 1988. "Growth Theory and After," American Economic Review, American Economic Association, vol. 78(3), pages 307-317, June.
  • Handle: RePEc:aea:aecrev:v:78:y:1988:i:3:p:307-17

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    References listed on IDEAS

    1. Taylor, John B., 1985. "International coordination in the design of macroeconomic policy rules," European Economic Review, Elsevier, vol. 28(1-2), pages 53-81.
    2. Buiter,Willem H. & Marston,Richard C., 1986. "International Economic Policy Coordination," Cambridge Books, Cambridge University Press, number 9780521337809, March.
    3. Turnovsky, Stephen J, 1986. "Monetary and Fiscal Policy under Perfect Foresight: A Symmetric Two-country Analysis," Economica, London School of Economics and Political Science, vol. 53(210), pages 139-157, May.
    4. Peter J. Stemp & Stephen J. Turnovsky, 1986. "Optimal Monetary Policy in an Open Economy," NBER Working Papers 2018, National Bureau of Economic Research, Inc.
    5. Hughes Hallett, A J, 1984. "Non-cooperative Strategies for Dynamic Policy Games and the Problem of Time Inconsistency," Oxford Economic Papers, Oxford University Press, vol. 36(3), pages 381-399, November.
    6. Bresnahan, Timothy F, 1981. "Duopoly Models with Consistent Conjectures," American Economic Review, American Economic Association, vol. 71(5), pages 934-945, December.
    7. Martin K. Perry, 1982. "Oligopoly and Consistent Conjectural Variations," Bell Journal of Economics, The RAND Corporation, vol. 13(1), pages 197-205, Spring.
    8. Morton I. Kamien & Nancy L. Schwartz, 1983. "Conjectural Variations," Canadian Journal of Economics, Canadian Economics Association, vol. 16(2), pages 191-211, May.
    9. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-1176, December.
    10. Rogoff, Kenneth, 1985. "Can international monetary policy cooperation be counterproductive?," Journal of International Economics, Elsevier, vol. 18(3-4), pages 199-217, May.
    11. Michael Jones, 1983. "International Liquidity: A Welfare Analysis," The Quarterly Journal of Economics, Oxford University Press, vol. 98(1), pages 1-23.
    12. Basar, Tamer & Turnovsky, Stephen J. & D'orey, Vasco, 1986. "Optimal strategic monetary policies in dynamic interdependent economies A summary paper," Journal of Economic Dynamics and Control, Elsevier, vol. 10(1-2), pages 15-19, June.
    13. Gilles Oudiz & Jeffrey Sachs, 1985. "International Policy Coordination in Dynamic Macroeconomic Models," NBER Chapters,in: International Economic Policy Coordination, pages 274-330 National Bureau of Economic Research, Inc.
    14. Marcus Miller & Mark Salmon, 1985. "Policy Coordination and Dynamic Games," NBER Chapters,in: International Economic Policy Coordination, pages 184-227 National Bureau of Economic Research, Inc.
    15. Hamada, Koichi, 1976. "A Strategic Analysis of Monetary Interdependence," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 677-700, August.
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    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General


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