Intro To Econ Growth 2E Cl

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  • Edition: 2nd
  • Format: Cloth
  • Copyright: 2001-12-17
  • Publisher: W W NORTON

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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

Prefacep. XIII
Introduction: The Facts of Economic Growthp. 1
The Data of Growth and Developmentp. 3
Other "Stylized Facts"p. 13
The Remainder of This Bookp. 18
The Solow Modelp. 20
The Basic Solow Modelp. 22
Solving the Basic Solow Modelp. 26
The Solow Diagramp. 27
Comparative Staticsp. 30
Properties of the Steady Statep. 32
Economic Growth in the Simple Modelp. 34
Technology and the Solow Modelp. 36
The Solow Diagram with Technologyp. 38
Solving for the Steady Statep. 39
Evaluating the Solow Modelp. 43
Growth Accounting, the Productivity Slowdown, and the New Economyp. 45
Closed-form Solution of the Solow Modelp. 50
Exercisesp. 51
Empirical Applications of Neoclassical Growth Modelsp. 54
The Solow Model with Human Capitalp. 54
Convrgence and Explaining Differences in Growth Ratesp. 63
The Evolution of the Income Distributionp. 71
Exercisesp. 75
The Economics of Ideasp. 78
What is Technology?p. 79
The Economics of Ideasp. 80
Intellectual Property Rights and the Industrial Revolutionp. 86
Data on Ideasp. 91
Summaryp. 94
Exercisesp. 94
The Engine of Growthp. 96
The Basic Elements of the Modelp. 97
Growth in the Romer Modelp. 101
Growth Effects versus Level Effectsp. 106
Comparative Statics: A Permanent Increase in the RandD Sharep. 106
The Economics of the Modelp. 110
The Final-Goods Sectorp. 111
The Intermediate-Goods Sectorp. 113
The Research Sectorp. 115
Solving the Modelp. 116
Optimal RandDp. 118
Summaryp. 120
Solving for the RandD Sharep. 122
Exercisesp. 123
A Simple Model of Growth and Developmentp. 124
The Basic Modelp. 124
Steady-State Analysisp. 127
Technology Transferp. 131
Understanding Differences in Growth Ratesp. 132
Exercisesp. 134
Social Infrastructure and Long-run Economic Performancep. 136
A Business Investment Problemp. 137
Determinants of Fp. 138
Determinants of IIp. 140
Which Investments to Make?p. 142
Empirical Evidencep. 143
The Choice of Social Infrastructurep. 147
Growth Miracles and Disastersp. 149
Summaryp. 153
Exercisesp. 154
Alternative Theories of Endogenous Growthp. 156
A Simple Endogenous Growth Model: The "AK" Modelp. 157
Intuition and other Growth Modelsp. 160
Externalities and AK Modelsp. 161
Evaluating Endogenous Growth Modelsp. 164
What Is Endogenous Growth?p. 166
Exercisesp. 167
Natural Resources and Economic Growthp. 169
Land in the Solow Modelp. 170
Nonrenewable Resourcesp. 173
Setupp. 173
The Balanced Growth Pathp. 176
Quantifying the Importance of Natural Resourcesp. 178
Prices As Indicators of Scarcityp. 180
Implications and Explanations of Declining Factor Sharesp. 185
Summaryp. 189
Exercisesp. 190
Understanding Economic Growthp. 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
Conclusionp. 196
Mathematical Reviewp. 199
Derivativesp. 199
What Does K Mean?p. 199
What Is a Growth Rate?p. 200
Growth Rates and Natural Logsp. 201
"Take Logs and Derivatives"p. 202
Ratios and Growth Ratesp. 202
[Delta]log versus Percentage Changep. 203
Integrationp. 204
An Important Rule of Integrationp. 205
Simple Differential Equationsp. 205
Compound Interestp. 208
Maximization of A Functionp. 209
Exercisesp. 211
Readings of Interestp. 213
Data on Economic Growthp. 215
Bibliographyp. 221
Indexp. 227
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