Intro To Econ Growth 2E Cl

by Jones,Charles I.

• ISBN13: 9780393977455
• ISBN10: 0393977455
• Edition: 2nd
• Format: Hardcover
• Copyright: 2001-12-17
• Publisher: W. W. Norton & Company

Summary

One of the hottest fields in contemporary macroeconomics, economic growth is both fascinating to theorists and critically important to policy makers. In Introduction to Economic Growth-the only text in the field designed specifically for advanced undergraduates-Charles I. Jones explains in clear, direct language how economists have come to understand the long-run growth of economies. Beginning with empirical evidence-how rich are the rich countries, how poor are the poor, and how fast do the rich and poor countries grow? -Professor Jones then presents the major theories of economic growth, from the Nobel Prize-winning work of Robert Solow to the new growth theory that has ignited the field in recent years.

Table of Contents

Preface	p. XIII
Introduction: The Facts of Economic Growth	p. 1
The Data of Growth and Development	p. 3
Other "Stylized Facts"	p. 13
The Remainder of This Book	p. 18
The Solow Model	p. 20
The Basic Solow Model	p. 22
Solving the Basic Solow Model	p. 26
The Solow Diagram	p. 27
Comparative Statics	p. 30
Properties of the Steady State	p. 32
Economic Growth in the Simple Model	p. 34
Technology and the Solow Model	p. 36
The Solow Diagram with Technology	p. 38
Solving for the Steady State	p. 39
Evaluating the Solow Model	p. 43
Growth Accounting, the Productivity Slowdown, and the New Economy	p. 45
Closed-form Solution of the Solow Model	p. 50
Exercises	p. 51
Empirical Applications of Neoclassical Growth Models	p. 54
The Solow Model with Human Capital	p. 54
Convrgence and Explaining Differences in Growth Rates	p. 63
The Evolution of the Income Distribution	p. 71
Exercises	p. 75
The Economics of Ideas	p. 78
What is Technology?	p. 79
The Economics of Ideas	p. 80
Intellectual Property Rights and the Industrial Revolution	p. 86
Data on Ideas	p. 91
Summary	p. 94
Exercises	p. 94
The Engine of Growth	p. 96
The Basic Elements of the Model	p. 97
Growth in the Romer Model	p. 101
Growth Effects versus Level Effects	p. 106
Comparative Statics: A Permanent Increase in the RandD Share	p. 106
The Economics of the Model	p. 110
The Final-Goods Sector	p. 111
The Intermediate-Goods Sector	p. 113
The Research Sector	p. 115
Solving the Model	p. 116
Optimal RandD	p. 118
Summary	p. 120
Solving for the RandD Share	p. 122
Exercises	p. 123
A Simple Model of Growth and Development	p. 124
The Basic Model	p. 124
Steady-State Analysis	p. 127
Technology Transfer	p. 131
Understanding Differences in Growth Rates	p. 132
Exercises	p. 134
Social Infrastructure and Long-run Economic Performance	p. 136
A Business Investment Problem	p. 137
Determinants of F	p. 138
Determinants of II	p. 140
Which Investments to Make?	p. 142
Empirical Evidence	p. 143
The Choice of Social Infrastructure	p. 147
Growth Miracles and Disasters	p. 149
Summary	p. 153
Exercises	p. 154
Alternative Theories of Endogenous Growth	p. 156
A Simple Endogenous Growth Model: The "AK" Model	p. 157
Intuition and other Growth Models	p. 160
Externalities and AK Models	p. 161
Evaluating Endogenous Growth Models	p. 164
What Is Endogenous Growth?	p. 166
Exercises	p. 167
Natural Resources and Economic Growth	p. 169
Land in the Solow Model	p. 170
Nonrenewable Resources	p. 173
Setup	p. 173
The Balanced Growth Path	p. 176
Quantifying the Importance of Natural Resources	p. 178
Prices As Indicators of Scarcity	p. 180
Implications and Explanations of Declining Factor Shares	p. 185
Summary	p. 189
Exercises	p. 190
Understanding Economic Growth	p. 193
Why Are We So Rich and They So Poor?	p. 194
What Is the Engine of Economic Growth?	p. 195
How Do We Understand Growth Miracles?	p. 195
Conclusion	p. 196
Mathematical Review	p. 199
Derivatives	p. 199
What Does K Mean?	p. 199
What Is a Growth Rate?	p. 200
Growth Rates and Natural Logs	p. 201
"Take Logs and Derivatives"	p. 202
Ratios and Growth Rates	p. 202
[Delta]log versus Percentage Change	p. 203
Integration	p. 204
An Important Rule of Integration	p. 205
Simple Differential Equations	p. 205
Compound Interest	p. 208
Maximization of A Function	p. 209
Exercises	p. 211
Readings of Interest	p. 213
Data on Economic Growth	p. 215
Bibliography	p. 221
Index	p. 227
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