Description
Book SynopsisThis new two volume set contains major recent theoretical and empirical contributions to the debate on long-term economic growth. Research on long-term growth was revitalized in recent years as it became clear that countries were not converging in income levels as was predicted by the neoclassical growth model. Also differences in growth rates across countries seemed systematic and predictable. These findings led to the development of models of 'endogenous growth' through which a country's long-run growth rate is determined by economic and policy variables.
Professor Grossman - who is a recognized authority on the new growth theory - has chosen some of the most exciting and and innovative papers on convergence and the endogenous growth models that were constructed to explain the stylized facts. Empirical tests of the new models, are made accessible, as well as extensions of the theory to study the effects of international trade on growth, the implications of imperfect capital markets for growth and the relationship between the distribution of income and growth.
Trade Review'These two excellent volumes have successfully captured major developments in growth theory and growth empirics since the mid 1980s. The choice of papers is scholarly and the papers are well organized to establish a meaningful connection between the sections. A lucid introduction by the editor is an added bonus. These two volumes are highly recommended as reference books for any graduate macroeconomics courses, and for those researching in this area.' -- Niloy Bose, The Economic Journal
Table of Contents37 articles, dating from 1985 to 1994 Contents: Introduction Part I: Convergence Part II: Cross-Country Correlates of Growth Part III: “AK” Models of Long-Run Growth Part IV: Externality-Based Growth Part V: Innovation Based Growth Index • Volume II: Part I: Empirical Evidence Part II: Trade and Growth Part III: Growth and Income Distribution Part IV: Financial Markers and Growth Index
