Introduction To Modern Economic Growth

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ISBN: 9780691132921 | 0691132925
Cover: Hardcover
Copyright: 12/15/2008

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"This book will be a landmark in growth economics. Its scope and depth are remarkable, and the benefits of this new synthesis are clear. Many of the chapters are likely to prompt ideas for further research, and the book will be a major event for researchers and graduate students alike."--Jonathan Temple, University of Bristol "This is a pathbreaking, fundamentally important work."--Charles Jones, University of California, Berkeley

Preface	p. xv
Introduction
Economic Growth and Economic Development: The Questions	p. 3
Cross-Country Income Differences	p. 3
Income and Welfare	p. 7
Economic Growth and Income Differences	p. 9
Origins of Today's Income Differences and World Economic Growth	p. 11
Conditional Convergence	p. 15
Correlates of Economic Growth	p. 18
From Correlates to Fundamental Causes	p. 19
The Agenda	p. 21
References and Literature	p. 23
The Solow Growth Model	p. 26
The Economic Environment of the Basic Solow Model	p. 27
The Solow Model in Discrete Time	p. 34
Transitional Dynamics in the Discrete-Time Solow Model	p. 43
The Solow Model in Continuous Time	p. 47
Transitional Dynamics in the Continuous-Time Solow Model	p. 51
A First Look at Sustained Growth	p. 55
Solow Model with Technological Progress	p. 56
Comparative Dynamics	p. 67
Taking Stock	p. 68
References and Literature	p. 69
Exercises	p. 71
The SolowModel and the Data	p. 77
Growth Accounting	p. 77
The Solow Model and Regression Analyses	p. 80
The Solow Model with Human Capital	p. 85
Solow Model and Cross-Country Income Differences: Regression Analyses	p. 90
Calibrating Productivity Differences	p. 96
Estimating Productivity Differences	p. 100
Taking Stock	p. 105
References and Literature	p. 106
Exercises	p. 107
Fundamental Determinants of Differences in Economic Performance	p. 109
Proximate versus Fundamental Causes	p. 109
Economies of Scale, Population, Technology, and World Growth	p. 112
The Four Fundamental Causes	p. 114
The Effect of Institutions on Economic Growth	p. 123
What Types of Institutions?	p. 136
Disease and Development	p. 137
Political Economy of Institutions: First Thoughts	p. 140
Taking Stock	p. 140
References and Literature	p. 141
Exercises	p. 143
Toward Neoclassical Growth
Foundations of Neoclassical Growth	p. 147
Preliminaries	p. 147
The Representative Household	p. 149
Infinite Planning Horizon	p. 156
The Representative Firm	p. 158
Problem Formulation	p. 160
Welfare Theorems	p. 161
Proof of the Second Welfare Theorem (Theorem 5.7)	p. 168
Sequential Trading	p. 171
Optimal Growth	p. 174
Taking Stock	p. 176
References and Literature	p. 176
Exercises	p. 178
Infinite-Horizon Optimization and Dynamic Programming	p. 182
Discrete-Time Infinite-Horizon Optimization	p. 182
Stationary Dynamic Programming	p. 185
Stationary Dynamic Programming Theorems	p. 187
The Contraction Mapping Theorem and Applications	p. 190
Proofs of the Main Dynamic Programming Theorems	p. 194
Applications of Stationary Dynamic Programming	p. 201
Nonstationary Infinite-Horizon Optimization	p. 211
Optimal Growth in Discrete Time	p. 215
Competitive Equilibrium Growth	p. 219
Computation	p. 221
Taking Stock	p. 221
References and Literature	p. 222
Exercises	p. 223
An Introduction to the Theory of Optimal Control	p. 227
Variational Arguments	p. 228
The Maximum Principle: A First Look	p. 235
Infinite-Horizon Optimal Control	p. 240
More on Transversality Conditions	p. 250
Discounted Infinite-Horizon Optimal Control	p. 253
Existence of Solutions, Concavity, and Differentiability	p. 259
A First Look at Optimal Growth in Continuous Time	p. 268
The q-Theory of Investment and Saddle-Path Stability	p. 269
Taking Stock	p. 274
References and Literature	p. 275
Exercises	p. 278
Neoclassical Growth
The Neoclassical Growth Model	p. 287
Preferences, Technology, and Demographics	p. 287
Characterization of Equilibrium	p. 293
Optimal Growth	p. 298
Steady-State Equilibrium	p. 300
Transitional Dynamics and Uniqueness
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