Introduction to Economic Growth / Edition 3

Introduction to Economic Growth / Edition 3

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Norton, W. W. & Company, Inc.
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Introduction to Economic Growth / Edition 3

The long-awaited revision of the text that brought growth theory to the classroom.Introduction to Economic Growth is the only text to synthesize the journal literature in a way that makes this important field accessible to undergraduates. Charles I. Jones and new co-author Dietrich Vollrath have updated and revised the text to reflect recent advances in Economic Growth Theory in clear, direct language.

Product Details

ISBN-13: 9780393919172
Publisher: Norton, W. W. & Company, Inc.
Publication date: 01/09/2013
Edition description: Third Edition
Pages: 320
Sales rank: 780,607
Product dimensions: 6.90(w) x 9.30(h) x 1.00(d)

Table of Contents

1Introduction: The Facts of Economic Growth1
1.1The Data of Growth and Development3
1.2Other "Stylized Facts"13
1.3The Remainder of This Book18
2The Solow Model20
2.1The Basic Solow Model22
2.1.1Solving the Basic Solow Model26
2.1.2The Solow Diagram27
2.1.3Comparative Statics30
2.1.4Properties of the Steady State32
2.1.5Economic Growth in the Simple Model34
2.2Technology and the Solow Model36
2.2.1The Solow Diagram with Technology38
2.2.2Solving for the Steady State39
2.3Evaluating the Solow Model43
2.4Growth Accounting, the Productivity Slowdown, and the New Economy45
AppendixClosed-form Solution of the Solow Model50
3Empirical Applications of Neoclassical Growth Models54
3.1The Solow Model with Human Capital54
3.2Convrgence and Explaining Differences in Growth Rates63
3.3The Evolution of the Income Distribution71
4The Economics of Ideas78
4.1What is Technology?79
4.2The Economics of Ideas80
4.3Intellectual Property Rights and the Industrial Revolution86
4.4Data on Ideas91
5The Engine of Growth96
5.1The Basic Elements of the Model97
5.1.1Growth in the Romer Model101
5.1.2Growth Effects versus Level Effects106
5.1.3Comparative Statics: A Permanent Increase in the R&D Share106
5.2The Economics of the Model110
5.2.1The Final-Goods Sector111
5.2.2The Intermediate-Goods Sector113
5.2.3The Research Sector115
5.2.4Solving the Model116
5.3Optimal R&D118
AppendixSolving for the R&D Share122
6A Simple Model of Growth and Development124
6.1The Basic Model124
6.2Steady-State Analysis127
6.3Technology Transfer131
6.4Understanding Differences in Growth Rates132
7Social Infrastructure and Long-run Economic Performance136
7.1A Business Investment Problem137
7.2Determinants of F138
7.3Determinants of II140
7.4Which Investments to Make?142
7.5Empirical Evidence143
7.6The Choice of Social Infrastructure147
7.7Growth Miracles and Disasters149
8Alternative Theories of Endogenous Growth156
8.1A Simple Endogenous Growth Model: The "AK" Model157
8.2Intuition and other Growth Models160
8.3Externalities and AK Models161
8.4Evaluating Endogenous Growth Models164
8.5What Is Endogenous Growth?166
9Natural Resources and Economic Growth169
9.1Land in the Solow Model170
9.2Nonrenewable Resources173
9.2.2The Balanced Growth Path176
9.3Quantifying the Importance of Natural Resources178
9.4Prices As Indicators of Scarcity180
9.5Implications and Explanations of Declining Factor Shares185
10Understanding Economic Growth193
10.1Why Are We So Rich and They So Poor?194
10.2What Is the Engine of Economic Growth?195
10.3How Do We Understand Growth Miracles?195
Appendix AMathematical Review199
A.1.1What Does K Mean?199
A.1.2What Is a Growth Rate?200
A.1.3Growth Rates and Natural Logs201
A.1.4"Take Logs and Derivatives"202
A.1.5Ratios and Growth Rates202
A.1.6[Delta]log versus Percentage Change203
A.2.1An Important Rule of Integration205
A.3Simple Differential Equations205
A.3.1Compound Interest208
A.4Maximization of A Function209
Appendix BReadings of Interest213
Appendix CData on Economic Growth215

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