A vast new literature on the sources of economic growth has now accumulated. This book critically reviews the most significant works in this field and summarizes what is known today about the sources of economic growth. The first part discusses the most important theoretical models that have been used in modern growth theory as well as methodological issues in productivity measurement. The second part examines the long-term record on productivity among Organization for Economic Co-operation and Development (OECD) countries, considers the sources of growth among them with particular attention to the role of education, investigates convergence at the industry level among them, and examines the productivity slowdown of the 1970s. The third part looks at the sources of growth among non-OECD countries. Each chapter emphasizes the factors that appear to be most important in explaining growth performance.
About the Author
Edward Wolff is a Professor of Economics at New York University. He is also a research associate at the National Bureau of Economic Research. He served as managing editor of the Review of Income and Wealth from 1987 to 2004 and was a council member of the International Association for Research in Income and Wealth from 1987 to 2012. He is the author (or co-author) of numerous books, including: Growth, Accumulation, and Unproductive Activity (Cambridge University Press, 1987), The Transformation of the American Pension System: Was It Beneficial for Workers? (2011) and Productivity Growth: Industries, Spillovers and Economic Performance (with Thijs ten Raa, 2012). He received his PhD from Yale University.
Table of Contents1. Introduction; 2. An overview of modern growth theory; 3. The measurement and estimation of productivity growth; 4. The long-term record among the advanced industrial countries; 5. Postwar record on productivity performance on the aggregate level among the advanced industrial countries; 6. Further details on the role of education and technology in the productivity performance among the advanced industrial countries; 7. Productivity performance on the industry level among the advanced industrial countries; 8. The productivity slowdown; 9. Postwar economic performance among countries of the world; 10. Recapitulation and future prospects for growth.