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Full Description
In recent decades, new endogenous growth theory has become popular but the ideas are not new. They go back at least as far as Adam Smith, and the subsequent contributions made notably by Alfred Marshall and Allyn Young. This book critically discusses and provides an historical perspective to the entire spectrum of endogenous growth theories starting with Adam Smith and ending with Paul Romer. It fills an important gap in the literature. While contributions of individual authors are readily available, there is no comprehensive study on the subject covering such a vast ground, critically discussing these authors in a comprehensive framework. It collates all the arguments and economic viewpoints in one collection, providing both the seasoned economist and a graduate economist with a critical comparison of origin, mechanisms, conclusions, and policy implications of these models.
Contents
1.Endogenous Growth: Introduction.- 2. Adam Smith and Economic Progress.- 3. Alfred Marshall on Organic Growth.- 4. Allyn Young on Increasing Returns.- 5. Nicholas Kaldor on Equilibrium Economics and Economic Growth.- 6. Lauchlin Currie and the Leading-Sector Model of Growth.- 7. Paul Rosenstein-Rodan and the Post-War Development Model.- 8. Paul Krugman, New Trade Theory and New Economic Geography.- 9. Paul Romer and Modern Endogenous Growth Theory.- 10. Endogenous Growth: Concluding Remarks and Policy Conclusions.