Description
Book SynopsisGrowth Theory in Historical Perspective is a collection of thirteen carefully selected essays by Theo van de Klundert which demonstrate the development of growth theory over the past forty years. The sequence of chapters reveals the shifts in focus which have occurred since the first formal growth models of the 1940s and 1950s. He illustrates how the Keynesian paradigm was replaced by neo-classical models, which in turn have been superseded by theories of endogenous technical progress, the focus of growth theory in the 1990s.
The author explains how the theory of economic growth is strongly shaped by ideas developed in the past. To this extent the book provides a comprehensive overview of the fundamentals of growth theory and develops important modern themes such as firm-specific research and development and the relationship between growth and international trade. Moreover, several of the chapters explore themes which, in the author's view, have been unfairly neglected in recent writings on the theory of growth. These include the role of demand factors, vintage models and issues of distribution, which he believes can still contribute to the current thinking on growth theory.
By balancing insights from old and new theories of economic growth, this comprehensive book should prove fascinating reading for students, researchers and scholars of growth theory.
Trade Review'Sjak Smulders has done an excellent job of editing and organising the papers. As the title of the book suggests, they are ordered in such a way that the reader gains an impression of how orthodox growth theory has changed over the post-war period. . . this collection of his [van de Klundert's] papers is to be welcomed.' -- John McCombie, History of Economics Review
Table of ContentsContents: Introduction Part I: Essentials of Growth Theory 1. Constructing Growth Theory 2. Reconstructing Growth Theory Part II: Empirics 3. Biased Efficiency Growth and Capital–Labour Substitution in the US, 1899–1960 4. On the Historical Continuity of the Process of Economic Growth Part III: Growth, Distribution and Unemployment 5. Economic Growth and Induced Technical Progress 6. Demand and Supply as Factors Determining Economic Growth 7. Endogenous Growth and Income Distribution Part IV: R&D and Firm-Specific Knowledge 8. Imperfect Competition, Concentration and Growth 9. Growth, Competition and Welfare 10. Loss of Technological Leadership of Rentier Economies Part V: International Trade and Growth 11. LDCs versus DCs: Trade and Growth 12. North–South Knowledge Spillovers and Competition: Convergence versus Divergence 13. Economic Development and Trade in the World Economy Index
