Growth and Distribution / Edition 1

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Overview

Growth and Distribution is the first text designed to support a comprehensive advanced undergraduate or graduate course on the theory, measurement, and history of economic growth. The book, which presents Classical and Keynesian in parallel with Neoclassical approaches to growth theory, introduces students to advanced tools of intertemporal economic analysis through carefully developed treatments of land- and resource-limited growth, and covers money and growth, the impact of government debt and social security systems on growth, and theories of endogenous growth and endogenous technical change. The models emphasize rigorous reasoning from basic economic principles and insights without excessive formal complication, and respond to students' interest in the history and policy dilemmas of real-world economies. Surveys of data and discussion of empirical controversies are closely integrated with the development of theoretical tools. The book includes access to a comprehensive data set extending the Penn World Tables in a form suitable for exploration in hands-on student projects.

In addition to carefully worked examples showing how to use the analytical techniques presented, the book contains many problems suitable for inclusion in problem sets and examinations. Detailed answers to these problems are also provided.

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Editorial Reviews

Eastern Economic Journal

After years of preoccupation with inflation and unemployment, macroeconomists have turned their attention to growth...But students who wish to learn more about this important subject have few options: undergraduate macro texts usually devote no more than a chapter to growth, while journal articles and graduate texts (with their differential equations and Hamiltonians) are well beyond the reach of most students...Foley and Michl have filled this lacuna. A major feature of the volume is its coverage of alternative approaches to growth and distribution. This distinguishes it from standard macro texts...which deal only with neoclassical models...It should appeal to students who find theoretical models dry and irrelevant unless they can be readily applied to real economies...The volume provides a masterful and authoritative presentation of growth and distribution approaches. The elegant, formal presentation of models is nicely complemented with empirical applications and precise verbal discussion of the underlying issues involved.
— Amitava Krishna Dutt

William J. Baumol
A very readable and clear introduction to the modern macroeconomic analysis of economic growth. The reader is led through the very important subject matter in clear, careful steps and is brought to the frontier of the literature by the two highly qualified authors.
Heinz D. Kurz
This is a remarkably clear and insightful account of alternative approaches to the theory of distribution and growth. While the attention focuses on the modern Classical approach, derived from the analyses of the old masters from Adam Smith to Ricardo and Marx, Keynesian, traditional Neoclassical and 'new' growth theories are also dealt with in some depth. The book tackles the important issues of renewable and exhaustible resources and of money and growth, issues often neglected in the respective literature. In addition, it discusses in an illuminating way the politically controversial issues of the impact of government debt and social security systems on growth and the pace of technical change. The sound analytical work is complemented by substantial empirical studies. The student is provided with all the necessary concepts and tools needed in order to do original work. The work is well written, the subject matter carefully arranged and a number of well selected problems allow the student to test his or her acquired knowledge.
Eastern Economic Journal - Amitava Krishna Dutt
After years of preoccupation with inflation and unemployment, macroeconomists have turned their attention to growth...But students who wish to learn more about this important subject have few options: undergraduate macro texts usually devote no more than a chapter to growth, while journal articles and graduate texts (with their differential equations and Hamiltonians) are well beyond the reach of most students...Foley and Michl have filled this lacuna. A major feature of the volume is its coverage of alternative approaches to growth and distribution. This distinguishes it from standard macro texts...which deal only with neoclassical models...It should appeal to students who find theoretical models dry and irrelevant unless they can be readily applied to real economies...The volume provides a masterful and authoritative presentation of growth and distribution approaches. The elegant, formal presentation of models is nicely complemented with empirical applications and precise verbal discussion of the underlying issues involved.
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Product Details

  • ISBN-13: 9780674364202
  • Publisher: Harvard University Press
  • Publication date: 9/28/1999
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 384
  • Sales rank: 1,108,008
  • Product dimensions: 6.40 (w) x 9.30 (h) x 1.30 (d)

Meet the Author

Duncan K. Foley is Leo Model Professor at the New School for Social Research.

Thomas R. Michl is Professor of Economics at Colgate University.

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Table of Contents

Preface

Notation

1. Introduction

Economic Growth in Historical Perspective

Quality and Quantity

Human Relationships

Economic Theories of Growth

Suggested Readings

2. Measuring Growth and Distribution

Measuring Output and Inputs

Time and Production

A Note on Units

Technology in the Real World

The Uses of Output: Investment and Consumption

The Social Consumption-Growth Rate Schedule

The Distribution of Income: Wages and Profit

The Real Wage-Profit Rate Schedule

Income Shares

The Growth-Distribution Schedule

Changes in Labor and Capital Productivity

Comparing Economies

Global Economic Leadership

Labor Productivity Growth in Real Economies

Stylized Facts

Suggested Readings

3. Models of Production

Accounting Frameworks and Explanatory Models

A Model of Production

Agents and Distribution

Choice of Technique and Production Functions

Particular Production Functions

The Leontief Production Function

The Cobb-Douglas Production Function

Classifying Technical Change

Two-sector Growth-Distribution Schedules

Models of Production and Models of Growth

Suggested Readings

4. The Labor Market

Models of Economic Growth

Labor Supply and Demand

The Classical Conventional Wage Model

The Neoclassical Full Employment Model

Toward a Model of Economic Growth

Growth in Real Economies

Suggested Readings

5. Models of Consumption and Saving

A Two-Period Consumption-Saving Model

Solving the Two-period Consumption Problem

An Infinite-Horizon Model

Solving the Infinite-Horizon Problem

The Constant Saving Rate Model

Saving Rates and Growth Rates

Suggested Readings

6. Classical Models of Economic Growth

The Classical Conventional Wage Model

Comparative Dynamics in the Conventional Wage Model

Labor-Saving Technical Change in the Classical Model

Choice of Technique in the Classical Model

A Classical Model of Growth with Full Employment

Choice of Technique in the Classical Full-Employment Model

The Classical Approac to Growth

Suggested Readings

7. Biased Technical Change in the Classical Model

The Classical Conventional Wage Share Model with Biased Technical Change

Viability of Technical Change

Biased Technical Change and the Fossil Production Function

Convergence and the Classical Model

One Vision of Economic Growth

Suggested Readings

8. The Neoclassical Growth Model

The Solow-Swan Model

The Intensive Production Function

Saving, Population, and Steady State Growth

The Solow-Swan Model and the Growth-Distribution Schedule

The Complete Model

Substitution and Distribution

Comparative Dynamics

Transitional Dynamics

Limitations of the Solow-Swan Model

Suggested Readings

9. Technical Change in the Neoclassical Model

Technical Change and the Production Function

The Solow-Swan Model with Harrod-Neutral Technical Change

Growth Accounting

Classical and Neoclassical Interpretations of the Residual

Comparative Steady State Dynamics in the Solow-Swan Model

Transitional Dynamics in the Solow-Swan Model

Suggested Readings

10. Investment Constrained Economic Growth

Saving, Investment, and Output

A Model of Investment Constrained Growth

Equilibrium in the Investment Constrained Model

Comparative Dynamics in the Investment Constrained Model

Profit-Led or Wage-Led Growth?

Long Run or Short Run?

The Keynesian Contribution to Growth Theory

Suggested Readings

11. Land-Limited Growth

Non-Reproducible Resources

Ricardo's Stationary State

Production with Land

The Capitalist's Decision Problem with Land

The Arbitrage Principle

Equilibrium Conditions

The Abundant Land Regime

The Scarce Land Regime

From the Abundant to the Scarce Land Regime

Lessons of the Land-Limited Model

Suggested Readings

12. Exhaustible Resources

Growth with an Exhaustible Resource

Production with an Exhaustible Resource

Saving and Portfolio Choice

The Growth Path

Exhaustible Resources in the Real World

Suggested Readings

13. Government Debt and Social Security: The Overlapping Generations Model

Government Finance and Accumulation

Government and Private Budget Constraints

Saving and Consumption with Selfish Households

A Classical Overlapping Generations Growth Model

A Neoclassical Overlapping Generations Growth Model

Pareto-efficiency in the Overlapping Generations Model

Analyzing Social Security and Budget Deficits

Social Security in the Overlapping Generations Model

Fully Funded Social Security

Unfunded Social Security

Government Debt in the Overlapping Generations Model

The Lessons of the Overlapping-Generations Model

Suggested Readings

14. Money and Economic Growth

Monetary Systems

The Gold Standard

Production with Gold

Capitalist Consumption with Gold

Steady State Growth

Unbalanced Technical Change

The Evolution of Credit Money

Suggested Readings

15. Approaches to Technical Change

The Origin of Technical Change

The Technical Progress Function and the Embodiment Hypothesis

The Vintage Structure of Machines

Steady State Growth in the Vintage Model

Induced Technical Change

Specialization and Imperfect Competition

Endogenous Growth with Specialization

Cumulative Causation

Suggested Readings

16. Endogenous Technical Change

Technical Change in a Capitalist Economy

Learning by Doing

R&D Investment in Technical Change

How Much R&D?

Steady-State Growth with No Persistent Effects of R&D

Steady-State Growth with Persistent Effects of R&D

Persistent Effects of R&D with a Conventional Wage Share

Suggested Readings

References

Answers to Problems

Index

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