Economic Growth Book

This modern, uptodate text provides a comprehensive coverage of growth theory and empirics in a clear, easy-to-read style. It superbly synthesizes much of the existing theoretical and empirical research on the mechanisms and determinants of economic growth and convergence. After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s and Cass-Koopmans in the 1960s to the more recent refinements. This is followed by a discussion of extensions to the model, with detailed description of heterogeneity of households. The authors then turn their searchlight on endogenous growth theory, discussing, among other topics, models of endogenous technological progress, technological diffusion, and an endogenous determination of labour supply and population. They also explain the essentials of growth accounting and apply this framework to endogenous growth models. The final chapters give an empirical analysis of regions and empirical evidence on economic growth for a broad panel of countries from 1960 to 2000. This accessible yet rigorous text, which is a beautiful blend of theory and empirical work, is intended as a text for postgraduate students of economics. It should prove equally useful to all those seriously interested in the pursuit of growth and development economics.Read More