Description
Book SynopsisThe Theory of Economic Growth compares the main theories of growth from Adam Smith to the present day in order to isolate their logical structures, theoretical domains and methodological underpinnings. The book provides original solutions to theoretical questions still debated in contemporary literature and points out new directions for further research.
The authors carry out a 'vertical' or in-depth analysis of the three main schools of thought; classical, Keynesian and neo-classical. They perform a 'horizontal' analysis of a wide range of items connected with growth theory, such as competition, technical change, division of labour, business cycles, the impact on environment, and the financial intermediation. Attention is also given to the evolutionary approach to economic growth.
This book will be of great interest to scholars of economic growth, macroeconomics, and historians of economic thought.
Table of ContentsContents: Introduction 1. Theories of Economic Growth: Old and New 2. The Structure of Growth Models: A Comparative Survey 3. Endogenous Growth Theory as a Lakatosian Case Study 4. Endogenous Growth in a Multi-sector Economy 5. Income Distribution and Consumption Patterns in a ‘Classical’ Growth Model 6. Keynesian Theories of Growth 7. Should the Theory of Endogenous Growth be Based on Say’s Law and the Full Employment of Resources? 8. The Demographic Transition and Neoclassical Models of Balanced Growth 9. Human Capital Formation in the New Growth Theory: The Role of ‘Social Factors’ 10. The Evolutionary Perspective on Growth 11. Competition, Rent-Seeking and Growth: Smith versus the Endogenous Growth Theory 12. R&D Models of Economic Growth and the Long-term Evolution of Productivity and Innovation 13. Competition and Technical Change in Aghion and Howitt: A Formalisation of Marx’s Ideas? 14. Division of Labour and Economic Growth: Paul Romer’s Contribution in an Historical Perspective 15. The Interaction between Growth and Cycle in Macrodynamic Models of the Economy 16. Real Business Cycle Models, Endogenous Growth Models and Cyclical Growth: A Critical Survey 17. Growth Theory and the Environment: How to Include Matter Without Making it Really Matter 18. Modelling Growth and Financial Intermediation through Information Frictions: A Critical Survey References Index
