Knowledge And The Wealth Of Nations

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  • Format: Hardcover
  • Copyright: 2006-05-22
  • Publisher: W W Norton & Co Inc
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A stimulating and inviting tour of modern economics centered on the story of one of its most important breakthroughs. In 1980, the twenty-four-year-old graduate student Paul Romer tackled one of the oldest puzzles in economics. Eight years later he solved it. This book tells the story of what has come to be called the new growth theory: the paradox identified by Adam Smith more than two hundred years earlier, its disappearance and occasional resurfacing in the nineteenth century, the development of new technical tools in the twentieth century, and finally the student who could see further than his teachers. Fascinating in its own right, new growth theory helps to explain dominant first-mover firms like IBM or Microsoft, underscores the value of intellectual property, and provides essential advice to those concerned with the expansion of the economy. Like James Gleick's "Chaos" or Brian Greene's "The Elegant Universe," this revealing book takes us to the frontlines of scientific research; not since Robert Heilbroner's classic work "The Worldly Philosophers" have we had as attractive a glimpse of the essential science of economics.

Table of Contents

The disciplinep. 3
"It tells you where to carve the joints"p. 9
What is a model? how does it work?p. 28
The invisible hand and the pin factoryp. 37
How the dismal science got its namep. 48
The underground riverp. 61
Spillovers and other accommodationsp. 72
The Keynesian revolution and the modern movementp. 88
"Mathematics is a language"p. 108
When economics went high-techp. 126
The residual and its criticsp. 140
The infinite-dimensional spreadsheetp. 158
Economists turn to rocket science, and "model" becomes a verbp. 166
New departuresp. 179
"That's stupid!"p. 195
In Hyde Parkp. 203
The u-turnp. 214
The keyboard, the city, and the worldp. 228
Recombinationsp. 249
Crazy explanationsp. 261
At the ski liftp. 276
"Endogenous technological change"p. 289
Conjectures and refutationsp. 305
A short history of the cost of lightingp. 327
The ultimate pin factoryp. 343
The invisible revolutionp. 370
Teaching economicsp. 382
Table of Contents provided by Blackwell. All Rights Reserved.

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