Economic Growth

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2009-08-31
  • Publisher: Cambridge Univ Pr
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How can society improve its living standards? What are the conditions necessary for prosperity? These are the questions that define the essence of growth theory. In this user-friendly book, Olivier de la Grandville provides a fascinating introduction to the theory of economic growth and shows how many results from this field are of paramount importance for society. The classical mechanics of the growth process are carefully explained, with two chapters devoted to the fundamental issue of the substitution of labor for capital in the growth process (co-written with Robert M. Solow, winner of the Nobel Prize in Economics). The book also addresses the fundamental question of the optimal investment rate of an economy. In addition, de la Grandville shows us that by unifying the descriptive and normative aspects of growth theory we can generate many fresh insights, including a proof of Adam Smith's 'Invisible Hand' conjecture.

Table of Contents

Positive Growth Theory
The welfare of society and economic growth
The growth process
A production function of central importance
The CES production function as a general mean (in collaboration with Robert M. Solow)
Capital-labour substitution and economic growth (in collaboration with Robert M. Solow)
The long-term growth rate as a random variable, with an application to the U.S. Economy
Optimal Growth Theory
Optimal growth theory: an introduction to the calculus of variations
Other major tools for optimal growth theory: the Pontryagin Maximum Principle and the Dorfmanian
First applications to optimal growth
Optimal growth and the optimal savings rate
A Unified Approach
Preliminaries: interest rates and capital valuation
From arbitrage to equilibrium
Optimal savings: a general approach
Problems in growth: common traits between planned economies and poor countries
From Ibn Khaldun to Adam Smith, and a proof of Smith's conjecture
In conclusion: on the convergence of ideas and values through civilizations
Further readings, and data on growth
Table of Contents provided by Publisher. All Rights Reserved.

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