Advertisement
| an economic growth model explains: Economic Growth, second edition Robert J. Barro, Xavier I. Sala-I-Martin, 2003-10-10 The long-awaited second edition of an important textbook on economic growth—a major revision incorporating the most recent work on the subject. This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence. The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory. The book has been expanded in many areas and incorporates the latest research. After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s and Cass-Koopmans in the 1960s to more recent refinements; this is followed by a discussion of extensions to the model, with expanded treatment in this edition of heterogenity of households. The book then turns to endogenous growth theory, discussing, among other topics, models of endogenous technological progress (with an expanded discussion in this edition of the role of outside competition in the growth process), technological diffusion, and an endogenous determination of labor supply and population. The authors then explain the essentials of growth accounting and apply this framework to endogenous growth models. The final chapters cover empirical analysis of regions and empirical evidence on economic growth for a broad panel of countries from 1960 to 2000. The updated treatment of cross-country growth regressions for this edition uses the new Summers-Heston data set on world income distribution compiled through 2000. |
| an economic growth model explains: Introduction to Modern Economic Growth Daron Acemoglu, 2008-12-15 From Nobel Prize–winning economist Daron Acemoglu, an incisive introduction to economic growth Introduction to Modern Economic Growth is a groundbreaking text from one of today's leading economists. Daron Acemoglu gives graduate students not only the tools to analyze growth and related macroeconomic problems, but also the broad perspective needed to apply those tools to the big-picture questions of growth and divergence. And he introduces the economic and mathematical foundations of modern growth theory and macroeconomics in a rigorous but easy to follow manner. After covering the necessary background on dynamic general equilibrium and dynamic optimization, the book presents the basic workhorse models of growth and takes students to the frontier areas of growth theory, including models of human capital, endogenous technological change, technology transfer, international trade, economic development, and political economy. The book integrates these theories with data and shows how theoretical approaches can lead to better perspectives on the fundamental causes of economic growth and the wealth of nations. Innovative and authoritative, this book is likely to shape how economic growth is taught and learned for years to come. Introduces all the foundations for understanding economic growth and dynamic macroeconomic analysis Focuses on the big-picture questions of economic growth Provides mathematical foundations Presents dynamic general equilibrium Covers models such as basic Solow, neoclassical growth, and overlapping generations, as well as models of endogenous technology and international linkages Addresses frontier research areas such as international linkages, international trade, political economy, and economic development and structural change An accompanying Student Solutions Manual containing the answers to selected exercises is available (978-0-691-14163-3/$24.95). See: https://press.princeton.edu/titles/8970.html For Professors only: To access a complete solutions manual online, email us at: acemoglusolutions@press.princeton.edu |
| an economic growth model explains: The Vanishing Middle Class, new epilogue Peter Temin, 2018-03-09 Why the United States has developed an economy divided between rich and poor and how racism helped bring this about. The United States is becoming a nation of rich and poor, with few families in the middle. In this book, MIT economist Peter Temin offers an illuminating way to look at the vanishing middle class. Temin argues that American history and politics, particularly slavery and its aftermath, play an important part in the widening gap between rich and poor. Temin employs a well-known, simple model of a dual economy to examine the dynamics of the rich/poor divide in America, and outlines ways to work toward greater equality so that America will no longer have one economy for the rich and one for the poor. Many poorer Americans live in conditions resembling those of a developing country—substandard education, dilapidated housing, and few stable employment opportunities. And although almost half of black Americans are poor, most poor people are not black. Conservative white politicians still appeal to the racism of poor white voters to get support for policies that harm low-income people as a whole, casting recipients of social programs as the Other—black, Latino, not like us. Politicians also use mass incarceration as a tool to keep black and Latino Americans from participating fully in society. Money goes to a vast entrenched prison system rather than to education. In the dual justice system, the rich pay fines and the poor go to jail. |
| an economic growth model explains: The White Man's Burden William Easterly, William Russell Easterly, 2006 Argues that western foreign aid efforts have done little to stem global poverty, citing how such organizations as the International Monetary Fund and the World Bank are not held accountable for ineffective practices that the author believes intrude into the inner workings of other countries. By the author of The Elusive Quest for Growth. 60,000 first printing. |
| an economic growth model explains: Fully Grown Dietrich Vollrath, 2022-06-24 Vollrath challenges our long-held assumption that growth is the best indicator of an economy’s health. Most economists would agree that a thriving economy is synonymous with GDP growth. The more we produce and consume, the higher our living standard and the more resources available to the public. This means that our current era, in which growth has slowed substantially from its postwar highs, has raised alarm bells. But should it? Is growth actually the best way to measure economic success—and does our slowdown indicate economic problems? The counterintuitive answer Dietrich Vollrath offers is: No. Looking at the same facts as other economists, he offers a radically different interpretation. Rather than a sign of economic failure, he argues, our current slowdown is, in fact, a sign of our widespread economic success. Our powerful economy has already supplied so much of the necessary stuff of modern life, brought us so much comfort, security, and luxury, that we have turned to new forms of production and consumption that increase our well-being but do not contribute to growth in GDP. In Fully Grown, Vollrath offers a powerful case to support that argument. He explores a number of important trends in the US economy: including a decrease in the number of workers relative to the population, a shift from a goods-driven economy to a services-driven one, and a decline in geographic mobility. In each case, he shows how their economic effects could be read as a sign of success, even though they each act as a brake of GDP growth. He also reveals what growth measurement can and cannot tell us—which factors are rightly correlated with economic success, which tell us nothing about significant changes in the economy, and which fall into a conspicuously gray area. Sure to be controversial, Fully Grown will reset the terms of economic debate and help us think anew about what a successful economy looks like. |
| an economic growth model explains: General Purpose Technologies and Economic Growth Elhanan Helpman, 1998 Traditionally, economists have considered the accumulation of conventional inputs such as labour and capital to be the primary force behind economic growth. In the late-1990s however, many economists place technological progress at the centre of the growth process. This shift is due to theoretical developments that allow researchers to link microeconomic outcomes. |
| an economic growth model explains: Long-Run Economic Growth Steven Durlauf, John F. Helliwell, Baldev Raj, 2012-12-06 One of the most enduring questions in economics involves how a nation could accelerate the pace of its economic development. One of the most enduring answers to this question is to promote exports -either because doing so directly influences development via encouraging production of goods for export, or because export promotion permits accumulation of foreign exchange which permits importation of high-quality goods and services, which can in turn be used to expand the nation's production possibilities. In either case, growth is said to be export-led; the latter case is the so-called two-gap hypothesis (McKinnon, 1964; Findlay, 1973). The early work on export-led growth consisted of static cross-country com parisons (Michaely, 1977; Balassa, 1978; Tyler, 1981; Kormendi and Meguire, 1985). These studies generally concluded that there is strong evidence in favour of export-led growth because export growth and income growth are highly correlated. However, Kravis pointed out in 1970 that the question is an essen tially dynamic one: as he put it, are exports the handmaiden or the engine of growth? To make this determination one needs to look at time series to see whether or not exports are driving income. This approach has been taken in a number of papers (Jung and Marshall, 1985; Chow, 1987; Serletis, 1992; Kunst and Marin, 1989; Marin, 1992; Afxentiou and Serletis, 1991), designed to assess whether or not individual countries exhibit statistically significant evidence of export-led growth using Granger causality tests. |
| an economic growth model explains: Growth in Sub-Saharan Africa Mr.Dhaneshwar Ghura, Mr.Michael T. Hadjimichael, 1995-12-01 The paper investigates empirically the determinants of economic growth for a large sample of sub-Saharan African countries during 1981-92. The results indicate that (i) an increase in private investment has a relatively large positive impact on per capita growth; (ii) growth is stimulated by public policies that lower the budget deficit in relation to GDP (without reducing government investment), reduce the rate of inflation, maintain external competitiveness, promote structural reforms, encourage human capital development, and slow population growth; and (iii) convergence of per capita income occurs after controlling for human capital development and public policies. |
| an economic growth model explains: Principles Ray Dalio, 2018-08-07 #1 New York Times Bestseller “Significant...The book is both instructive and surprisingly moving.” —The New York Times Ray Dalio, one of the world’s most successful investors and entrepreneurs, shares the unconventional principles that he’s developed, refined, and used over the past forty years to create unique results in both life and business—and which any person or organization can adopt to help achieve their goals. In 1975, Ray Dalio founded an investment firm, Bridgewater Associates, out of his two-bedroom apartment in New York City. Forty years later, Bridgewater has made more money for its clients than any other hedge fund in history and grown into the fifth most important private company in the United States, according to Fortune magazine. Dalio himself has been named to Time magazine’s list of the 100 most influential people in the world. Along the way, Dalio discovered a set of unique principles that have led to Bridgewater’s exceptionally effective culture, which he describes as “an idea meritocracy that strives to achieve meaningful work and meaningful relationships through radical transparency.” It is these principles, and not anything special about Dalio—who grew up an ordinary kid in a middle-class Long Island neighborhood—that he believes are the reason behind his success. In Principles, Dalio shares what he’s learned over the course of his remarkable career. He argues that life, management, economics, and investing can all be systemized into rules and understood like machines. The book’s hundreds of practical lessons, which are built around his cornerstones of “radical truth” and “radical transparency,” include Dalio laying out the most effective ways for individuals and organizations to make decisions, approach challenges, and build strong teams. He also describes the innovative tools the firm uses to bring an idea meritocracy to life, such as creating “baseball cards” for all employees that distill their strengths and weaknesses, and employing computerized decision-making systems to make believability-weighted decisions. While the book brims with novel ideas for organizations and institutions, Principles also offers a clear, straightforward approach to decision-making that Dalio believes anyone can apply, no matter what they’re seeking to achieve. Here, from a man who has been called both “the Steve Jobs of investing” and “the philosopher king of the financial universe” (CIO magazine), is a rare opportunity to gain proven advice unlike anything you’ll find in the conventional business press. |
| an economic growth model explains: Finance & Development, September 2014 International Monetary Fund. External Relations Dept., 2014-08-25 This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world. |
| an economic growth model explains: Unified Growth Theory Oded Galor, 2011-04-11 For most of the vast span of human history, economic growth was all but nonexistent. Then, about two centuries ago, some nations began to emerge from this epoch of economic stagnation, experiencing sustained economic growth that led to significant increases in standards of living and profoundly altered the level and distribution of wealth, population, education, and health across the globe. The question ever since has been--why? This is the first book to put forward a unified theory of economic growth that accounts for the entire growth process, from the dawn of civilization to today. Oded Galor, who founded the field of unified growth theory, identifies the historical and prehistorical forces behind the differential transition timing from stagnation to growth and the emergence of income disparity around the world. Galor shows how the interaction between technological progress and population ultimately raised the importance of education in coping with the rapidly changing technological environment, brought about significant reduction in fertility rates, and enabled some economies to devote greater resources toward a steady increase in per capita income, paving the way for sustained economic growth. Presents a unified theory of economic growth from the dawn of civilization to today Explains the worldwide disparities in living standards and population we see today Provides a comprehensive overview of the three phases of the development process Analyzes the Malthusian theory and its empirical support Examines theories of demographic transition and their empirical significance Explores the interaction between economic development and human evolution |
| an economic growth model explains: Global Productivity Alistair Dieppe, 2021-06-09 The COVID-19 pandemic struck the global economy after a decade that featured a broad-based slowdown in productivity growth. Global Productivity: Trends, Drivers, and Policies presents the first comprehensive analysis of the evolution and drivers of productivity growth, examines the effects of COVID-19 on productivity, and discusses a wide range of policies needed to rekindle productivity growth. The book also provides a far-reaching data set of multiple measures of productivity for up to 164 advanced economies and emerging market and developing economies, and it introduces a new sectoral database of productivity. The World Bank has created an extraordinary book on productivity, covering a large group of countries and using a wide variety of data sources. There is an emphasis on emerging and developing economies, whereas the prior literature has concentrated on developed economies. The book seeks to understand growth patterns and quantify the role of (among other things) the reallocation of factors, technological change, and the impact of natural disasters, including the COVID-19 pandemic. This book is must-reading for specialists in emerging economies but also provides deep insights for anyone interested in economic growth and productivity. Martin Neil Baily Senior Fellow, The Brookings Institution Former Chair, U.S. President’s Council of Economic Advisers This is an important book at a critical time. As the book notes, global productivity growth had already been slowing prior to the COVID-19 pandemic and collapses with the pandemic. If we want an effective recovery, we have to understand what was driving these long-run trends. The book presents a novel global approach to examining the levels, growth rates, and drivers of productivity growth. For anyone wanting to understand or influence productivity growth, this is an essential read. Nicholas Bloom William D. Eberle Professor of Economics, Stanford University The COVID-19 pandemic hit a global economy that was already struggling with an adverse pre-existing condition—slow productivity growth. This extraordinarily valuable and timely book brings considerable new evidence that shows the broad-based, long-standing nature of the slowdown. It is comprehensive, with an exceptional focus on emerging market and developing economies. Importantly, it shows how severe disasters (of which COVID-19 is just the latest) typically harm productivity. There are no silver bullets, but the book suggests sensible strategies to improve growth prospects. John Fernald Schroders Chaired Professor of European Competitiveness and Reform and Professor of Economics, INSEAD |
| an economic growth model explains: Capital in the Twenty-First Century Thomas Piketty, 2017-08-14 What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In this work the author analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings transform debate and set the agenda for the next generation of thought about wealth and inequality. He shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, the author says, and may do so again. This original work reorients our understanding of economic history and confronts us with sobering lessons for today. |
| an economic growth model explains: Knowledge and the Wealth of Nations: A Story of Economic Discovery David Warsh, 2007-05-17 What The Double Helix did for biology, David Warsh's Knowledge and the Wealth of Nations does for economics. —Boston Globe 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. |
| an economic growth model explains: At Your Service? Gaurav Nayyar, Mary Hallward-Driemeier, Elwyn Davies, 2021-10-18 Manufacturing-led development has provided the traditional model for creating jobs and prosperity. But in the past three decades the conventional pattern of structural transformation has changed, with the services sector growing faster than the manufacturing sector. This raises critical questions about the ability of developing economies to close productivity gaps with advanced economies and to create good jobs for more people. At Your Service? The Promise of Services-Led Development (www.worldbank.org/services-led-development) assesses the scope of a services-driven development model and policy directions that can maximize the model’s potential. |
| an economic growth model explains: Stakeholder Capitalism Klaus Schwab, 2021-01-27 Reimagining our global economy so it becomes more sustainable and prosperous for all Our global economic system is broken. But we can replace the current picture of global upheaval, unsustainability, and uncertainty with one of an economy that works for all people, and the planet. First, we must eliminate rising income inequality within societies where productivity and wage growth has slowed. Second, we must reduce the dampening effect of monopoly market power wielded by large corporations on innovation and productivity gains. And finally, the short-sighted exploitation of natural resources that is corroding the environment and affecting the lives of many for the worse must end. The debate over the causes of the broken economy—laissez-faire government, poorly managed globalization, the rise of technology in favor of the few, or yet another reason—is wide open. Stakeholder Capitalism: A Global Economy that Works for Progress, People and Planet argues convincingly that if we don't start with recognizing the true shape of our problems, our current system will continue to fail us. To help us see our challenges more clearly, Schwab—the Founder and Executive Chairman of the World Economic Forum—looks for the real causes of our system's shortcomings, and for solutions in best practices from around the world in places as diverse as China, Denmark, Ethiopia, Germany, Indonesia, New Zealand, and Singapore. And in doing so, Schwab finds emerging examples of new ways of doing things that provide grounds for hope, including: Individual agency: how countries and policies can make a difference against large external forces A clearly defined social contract: agreement on shared values and goals allows government, business, and individuals to produce the most optimal outcomes Planning for future generations: short-sighted presentism harms our shared future, and that of those yet to be born Better measures of economic success: move beyond a myopic focus on GDP to more complete, human-scaled measures of societal flourishing By accurately describing our real situation, Stakeholder Capitalism is able to pinpoint achievable ways to deal with our problems. Chapter by chapter, Professor Schwab shows us that there are ways for everyone at all levels of society to reshape the broken pieces of the global economy and—country by country, company by company, and citizen by citizen—glue them back together in a way that benefits us all. |
| an economic growth model explains: A Tea Reader Katrina Avila Munichiello, 2017-03-21 A Tea Reader contains a selection of stories that cover the spectrum of life. This anthology shares the ways that tea has changed lives through personal, intimate stories. Read of deep family moments, conquered heartbreak, and peace found in the face of loss. A Tea Reader includes stories from all types of tea people: people brought up in the tea tradition, those newly discovering it, classic writings from long-ago tea lovers and those making tea a career. Together these tales create a new image of a tea drinker. They show that tea is not simply something you drink, but it also provides quiet moments for making important decisions, a catalyst for conversation, and the energy we sometimes need to operate in our lives. The stories found in A Tea Reader cover the spectrum of life, such as the development of new friendships, beginning new careers, taking dream journeys, and essentially sharing the deep moments of life with friends and families. Whether you are a tea lover or not, here you will discover stories that speak to you and inspire you. Sit down, grab a cup, and read on. |
| an economic growth model explains: General Theory Of Employment , Interest And Money John Maynard Keynes, 2016-04 John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and Keynesian views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning |
| an economic growth model explains: Doughnut Economics Kate Raworth, 2018-03-08 Economics is the mother tongue of public policy. It dominates our decision-making for the future, guides multi-billion-dollar investments, and shapes our responses to climate change, inequality, and other environmental and social challenges that define our times. Pity then, or more like disaster, that its fundamental ideas are centuries out of date yet are still taught in college courses worldwide and still used to address critical issues in government and business alike. That’s why it is time, says renegade economist Kate Raworth, to revise our economic thinking for the 21st century. In Doughnut Economics, she sets out seven key ways to fundamentally reframe our understanding of what economics is and does. Along the way, she points out how we can break our addiction to growth; redesign money, finance, and business to be in service to people; and create economies that are regenerative and distributive by design. Named after the now-iconic “doughnut” image that Raworth first drew to depict a sweet spot of human prosperity (an image that appealed to the Occupy Movement, the United Nations, eco-activists, and business leaders alike), Doughnut Economics offers a radically new compass for guiding global development, government policy, and corporate strategy, and sets new standards for what economic success looks like. Raworth handpicks the best emergent ideas—from ecological, behavioral, feminist, and institutional economics to complexity thinking and Earth-systems science—to address this question: How can we turn economies that need to grow, whether or not they make us thrive, into economies that make us thrive, whether or not they grow? Simple, playful, and eloquent, Doughnut Economics offers game-changing analysis and inspiration for a new generation of economic thinkers. |
| an economic growth model explains: The Forces of Economic Growth Alfred Greiner, Willi Semmler, Gang Gong, 2016-06-28 In economics, the emergence of New Growth Theory in recent decades has directed attention to an old and important problem: what are the forces of economic growth and how can public policy enhance them? This book examines major forces of growth--including spillover effects and externalities, education and formation of human capital, knowledge creation through deliberate research efforts, and public infrastructure investment. Unique in emphasizing the importance of different forces for particular stages of development, it offers wide-ranging policy implications in the process. The authors critically examine recently developed endogenous growth models, study the dynamic implications of modified models, and test the models empirically with modern time series methods that avoid the perils of heterogeneity in cross-country studies. Their empirical analyses, undertaken with newly constructed time series data for the United States and some core countries of the Euro zone, show that models containing scale effects, such as the R&D model and the human capital model, are compatible with time series evidence only after considerable modifications and nonlinearities are introduced. They also explore the relationship between growth and inequality, with particular focus on technological change and income disparity. The Forces of Economic Growth represents a comprehensive and up-to-date empirical time series perspective on the New Growth Theory. |
| an economic growth model explains: Beyond Economic Growth Tatyana P. Soubbotina, Katherine Sheram, 2000-01-01 The book, which draws on data published by the World Bank, is addressed to teachers, students, and all those interested in exploring issues of global development. |
| an economic growth model explains: Introduction to Economic Growth Charles Irving Jones, 1998 Examining empirical evidence such as how rich are the rich countries, how poor are the poor, and how fast do rich and poor countries grow, noted economist Charles Jones presents major theories of economic growth, from the Nobel Prize-winning work of Robert Solow to new growth theory that has ignited the field in recent years. |
| an economic growth model explains: Institutions, Institutional Change and Economic Performance Douglass C. North, 1990-10-26 An analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies is developed in this analysis of economic structures. |
| an economic growth model explains: Economic Gangsters Raymond Fisman, Edward Miguel, 2008 Economic Gangsters is a fascinating exploration of the dark side of economic development. Two of the world's most creative young economists use their remarkable talents for economic sleuthing to study violence, corruption, and poverty in the most unexpected ways--Steven D. Levitt, coauthor of Freakonomics. |
| an economic growth model explains: Bourgeois Dignity Deirdre Nansen, 2010-11-15 The big economic story of our times is not the Great Recession. It is how China and India began to embrace neoliberal ideas of economics and attributed a sense of dignity and liberty to the bourgeoisie they had denied for so long. The result was an explosion in economic growth and proof that economic change depends less on foreign trade, investment, or material causes, and a whole lot more on ideas and what people believe. Or so says Deirdre N. McCloskey in Bourgeois Dignity, a fiercely contrarian history that wages a similar argument about economics in the West. Here she turns her attention to seventeenth- and eighteenth-century Europe to reconsider the birth of the industrial revolution and the rise of capitalism. According to McCloskey, our modern world was not the product of new markets and innovations, but rather the result of shifting opinions about them. During this time, talk of private property, commerce, and even the bourgeoisie itself radically altered, becoming far more approving and flying in the face of prejudices several millennia old. The wealth of nations, then, didn’t grow so dramatically because of economic factors: it grew because rhetoric about markets and free enterprise finally became enthusiastic and encouraging of their inherent dignity. An utterly fascinating sequel to her critically acclaimed book The Bourgeois Virtues, Bourgeois Dignity is a feast of intellectual riches from one of our most spirited and ambitious historians—a work that will forever change our understanding of how the power of persuasion shapes our economic lives. |
| an economic growth model explains: The Elusive Quest for Growth William R. Easterly, 2002-08-02 Why economists' attempts to help poorer countries improve their economic well-being have failed. Since the end of World War II, economists have tried to figure out how poor countries in the tropics could attain standards of living approaching those of countries in Europe and North America. Attempted remedies have included providing foreign aid, investing in machines, fostering education, controlling population growth, and making aid loans as well as forgiving those loans on condition of reforms. None of these solutions has delivered as promised. The problem is not the failure of economics, William Easterly argues, but the failure to apply economic principles to practical policy work. In this book Easterly shows how these solutions all violate the basic principle of economics, that people—private individuals and businesses, government officials, even aid donors—respond to incentives. Easterly first discusses the importance of growth. He then analyzes the development solutions that have failed. Finally, he suggests alternative approaches to the problem. Written in an accessible, at times irreverent, style, Easterly's book combines modern growth theory with anecdotes from his fieldwork for the World Bank. |
| an economic growth model explains: Health and Economic Growth Guillem López i Casasnovas, Berta Rivera, Luis Currais, 2005 Leading international researchers offer theoretical and empirical microeconomic and macroeconomic perspectives on the ways a population's health status affects a country's economic growth. |
| an economic growth model explains: New Growth Theory Jatikumar Sengupta, 1998 Attempts to explain the process of long-run economic growth through endogenous forces such as human capital, knowledge spillover, and information technology. Reviews economic issues in new growth theory, and discusses its empirical evidence and usefulness in national policy making. Analyzes the dynamic and disequilibrium models as applied to recent international growth and discusses their policy implications, and empirically illustrates the various phases of growth in technology-intensive sectors such as flexible manufacturing and the semiconductor and telecommunications industries. Annotation copyrighted by Book News, Inc., Portland, OR |
| an economic growth model explains: Good Economics for Hard Times Abhijit V. Banerjee, Esther Duflo, 2019-11-12 The winners of the Nobel Prize show how economics, when done right, can help us solve the thorniest social and political problems of our day. Figuring out how to deal with today's critical economic problems is perhaps the great challenge of our time. Much greater than space travel or perhaps even the next revolutionary medical breakthrough, what is at stake is the whole idea of the good life as we have known it. Immigration and inequality, globalization and technological disruption, slowing growth and accelerating climate change--these are sources of great anxiety across the world, from New Delhi and Dakar to Paris and Washington, DC. The resources to address these challenges are there--what we lack are ideas that will help us jump the wall of disagreement and distrust that divides us. If we succeed, history will remember our era with gratitude; if we fail, the potential losses are incalculable. In this revolutionary book, renowned MIT economists Abhijit V. Banerjee and Esther Duflo take on this challenge, building on cutting-edge research in economics explained with lucidity and grace. Original, provocative, and urgent, Good Economics for Hard Times makes a persuasive case for an intelligent interventionism and a society built on compassion and respect. It is an extraordinary achievement, one that shines a light to help us appreciate and understand our precariously balanced world. |
| an economic growth model explains: Global Economic History: A Very Short Introduction Robert C. Allen, 2011-09-15 Why are some countries rich and others poor? In 1500, the income differences were small, but they have grown dramatically since Columbus reached America. Since then, the interplay between geography, globalization, technological change, and economic policy has determined the wealth and poverty of nations. The industrial revolution was Britain's path breaking response to the challenge of globalization. Western Europe and North America joined Britain to form a club of rich nations by pursuing four polices-creating a national market by abolishing internal tariffs and investing in transportation, erecting an external tariff to protect their fledgling industries from British competition, banks to stabilize the currency and mobilize domestic savings for investment, and mass education to prepare people for industrial work. Together these countries pioneered new technologies that have made them ever richer. Before the Industrial Revolution, most of the world's manufacturing was done in Asia, but industries from Casablanca to Canton were destroyed by western competition in the nineteenth century, and Asia was transformed into 'underdeveloped countries' specializing in agriculture. The spread of economic development has been slow since modern technology was invented to fit the needs of rich countries and is ill adapted to the economic and geographical conditions of poor countries. A few countries - Japan, Soviet Russia, South Korea, Taiwan, and perhaps China - have, nonetheless, caught up with the West through creative responses to the technological challenge and with Big Push industrialization that has achieved rapid growth through investment coordination. Whether other countries can emulate the success of East Asia is a challenge for the future. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable. |
| an economic growth model explains: How Will You Measure Your Life? (Harvard Business Review Classics) Clayton M. Christensen, 2017-01-17 In the spring of 2010, Harvard Business School’s graduating class asked HBS professor Clay Christensen to address them—but not on how to apply his principles and thinking to their post-HBS careers. The students wanted to know how to apply his wisdom to their personal lives. He shared with them a set of guidelines that have helped him find meaning in his own life, which led to this now-classic article. Although Christensen’s thinking is rooted in his deep religious faith, these are strategies anyone can use. Since 1922, Harvard Business Review has been a leading source of breakthrough ideas in management practice. The Harvard Business Review Classics series now offers you the opportunity to make these seminal pieces a part of your permanent management library. Each highly readable volume contains a groundbreaking idea that continues to shape best practices and inspire countless managers around the world. |
| an economic growth model explains: Puzzles of Economic Growth Leszek Balcerowicz, Andrzej Rzo?ca, 2014-12-03 By comparing countries like Venezuela and Chile, China and India, Dominican Republic and Haiti, and others, the book tries to answer the questions of which institutions and policies are crucial for stable long term economic growth. |
| an economic growth model explains: Essential Economics Matthew Bishop, 2004-05-01 |
| an economic growth model explains: Soviet Economic Growth Gur Ofer, 1988 This survey of modern Soviet economic growth is based almost exclusively on Western works and does not include direct references to Soviet scholarly work. It is directed to the general public of economists, and therefore contains a section on sources of economic information about the Soviet Union and several subsections, such as the one describing the basics of the operation of the Soviet system, that are only indirectly related to the main issue. Contents: Introduction; Availability and Reliability of Information; The Growth Record; Structural Changes; The Socialist System and its Growth Strategy; R & D and Technological Change; The R & D Sector; Why did Growth Rates Decline?; Production Function Estimates; Evaluation and Conclusion-or, can The Trend be Reversed? (KR). |
| an economic growth model explains: Development as Freedom Amartya Sen, 2011-05-25 By the winner of the 1988 Nobel Prize in Economics, an essential and paradigm-altering framework for understanding economic development--for both rich and poor--in the twenty-first century. Freedom, Sen argues, is both the end and most efficient means of sustaining economic life and the key to securing the general welfare of the world's entire population. Releasing the idea of individual freedom from association with any particular historical, intellectual, political, or religious tradition, Sen clearly demonstrates its current applicability and possibilities. In the new global economy, where, despite unprecedented increases in overall opulence, the contemporary world denies elementary freedoms to vast numbers--perhaps even the majority of people--he concludes, it is still possible to practically and optimistically restain a sense of social accountability. Development as Freedom is essential reading. |
| an economic growth model explains: Frontiers of Business Cycle Research Thomas F. Cooley, 1995-02-26 This introduction to modern business cycle theory uses a neoclassical growth framework to study the economic fluctuations associated with the business cycle. Presenting advances in dynamic economic theory and computational methods, it applies concepts to t |
| an economic growth model explains: An Essay on the Principle of Population T. R. Malthus, 2012-03-13 The first major study of population size and its tremendous importance to the character and quality of society, this classic examines the tendency of human numbers to outstrip their resources. |
| an economic growth model explains: Finance and Growth Ross Levine, 2004 This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research--NBER website |
| an economic growth model explains: Handbook of Economic Growth Philippe Aghion, Steven Durlauf, 2013-12-20 Volumes 2A and 2B of The Handbook of Economic Growth summarize recent advances in theoretical and empirical work while offering new perspectives on a range of growth mechanisms, from the roles played by institutions and organizations to the ways factors beyond capital accumulation and technological change can affect growth. Written by research leaders, the chapters summarize and evaluate recent advances while explaining where further research might be profitable. With analyses that are provocative and controversial because they are so directly relevant to public policy and private decision-making, these two volumes uphold the standard for excellence in applied economics set by Volumes 1A and 1B (2005). - Offers definitive theoretical and empirical scholarship about growth economics - Empowers readers to evaluate the work of other economists and to plan their own research projects - Demonstrates the value of empirical testing, with its implicit conclusion that our understanding of economic growth will help everyone make better decisions |
| an economic growth model explains: A Little Life Hanya Yanagihara, 2016-01-26 NEW YORK TIMES BESTSELLER • A stunning “portrait of the enduring grace of friendship” (NPR) about the families we are born into, and those that we make for ourselves. A masterful depiction of love in the twenty-first century. NATIONAL BOOK AWARD FINALIST • MAN BOOKER PRIZE FINALIST • WINNER OF THE KIRKUS PRIZE A Little Life follows four college classmates—broke, adrift, and buoyed only by their friendship and ambition—as they move to New York in search of fame and fortune. While their relationships, which are tinged by addiction, success, and pride, deepen over the decades, the men are held together by their devotion to the brilliant, enigmatic Jude, a man scarred by an unspeakable childhood trauma. A hymn to brotherly bonds and a masterful depiction of love in the twenty-first century, Hanya Yanagihara’s stunning novel is about the families we are born into, and those that we make for ourselves. Look for Hanya Yanagihara’s latest bestselling novel, To Paradise. |
Publications | World Economic Forum
4 days ago · The World Economic Forum publishes a comprehensive series of reports which examine in detail the broad range of global issues it seeks to address with stakeholders as …
The Future of Jobs Report 2025 | World Economic Forum
Jan 7, 2025 · General economic slowdown, to a lesser extent, also remains top of mind and is expected to transform 42% of businesses. Inflation is predicted to have a mixed outlook for net …
Chief Economists Outlook: May 2025 | World Economic Forum
May 28, 2025 · The May 2025 Chief Economists Outlook explores key trends in the global economy, including the latest outlook for growth, inflation, monetary and fiscal policy. It …
US trade policy turmoil shakes the global economy, and other key ...
Apr 15, 2025 · A new UN report warned that many countries in the Asia-Pacific region remain ill-prepared for climate-related economic shocks. The IMF-World Bank Spring Meetings are fast …
The World Economic Forum
5 days ago · Learn about World Economic Forum's latest work and impact through the latest key messages on our Homepage.
Davos 2025: What to expect and who's coming? | World …
Dec 9, 2024 · The 2025 Annual Meeting of the World Economic Forum takes place from 20-24 January in Davos, Switzerland. The meeting convenes under the title Collaboration for the …
5 economists on long-term economic trends | World Economic …
Apr 15, 2025 · The economic divisions have only been heightening in recent months as the US has implemented steep tariffs on major trading partners, kicking off a cycle of tit-for-tat trade …
Global Risks Report 2025 | World Economic Forum
Jan 15, 2025 · The 20th edition of the Global Risks Report 2025 reveals an increasingly fractured global landscape, where escalating geopolitical, environmental, societal and technological …
Chief Economists Warn Global Growth Under Strain from Trade …
May 28, 2025 · Artificial intelligence (AI) is poised to drive the next wave of economic transformation, unlocking significant growth potential but also introducing serious risks. Nearly …
A step back from the brink for the global economy, and other …
May 14, 2025 · This regular roundup brings you essential news and updates on the global economy from the World Economic Forum’s Head of Economic Growth and Transformation. …
14.452 Economic Growth: Lectures 2 and 3 The Solow …
Solow Growth Model. Households and Production. Review De–nition Let K be an integer. The function g : RK+2!R is homogeneous of degree m in x 2R and y 2R if and only if g (lx,ly,z) = …
Innovation, Imitation, and Economic Growth - JSTOR
Innovation, Imitation, and Economic Growth Paul S. Segerstrom Michigan State University This paper develops a dynamic general equilibrium model of eco-nomic growth. The model has a …
A Further Augmentation of the Solow Model and the Empirics …
the exception of the OECD subsample. The textbook Solow model explains about 60 percent of the cross-country variation in per worker GDP in a comprehensive sample of 98 nonoil …
Chapter 1 Neoclassical growth theory - Simon Fraser University
1.1. THE SOLOW GROWTH MODEL 5 1.1.2 So what do we think? This model would be unpublishable today, but managed to win Solow a Nobel Prize. The main methodological failing …
DOES REVERSE CAUSALITY EXPLAIN THE RELATIONSHIP …
862 I. M. Moaniba et al. Does reverse causality explains the relationship between economic performance ... on the former. This is a much-improved estimation approach as it captures a …
Kaldor’s Model of Economic Growth - ixambee
Jan 27, 2023 · Kaldor’s Model 7 a) Kaldor’s Model does not explain the determination of the rate of growth of the economy, as has been explained in the Harrod-Domar Models in terms of the …
14.452 Economic Growth: Lecture 4, The Solow Growth …
Solow Growth Model and the Data Use Solow model or extensions to interpret both economic growth over time and cross-country output di⁄erences. Focus on proximate causes of economic …
14.452 Economic Growth: Lecture 8, Neoclassical …
Focus on balanced economic growth, i.e. consistent with the Kaldor facts. Thus CRRA preferences as in the canonical neoclassical growth model. Economy admits an in–nitely-lived …
NBER WORKING PAPERS SERIES A CONTRIBUTION TO THE …
The model explains about 80 percent of the international variation in income per capita, and the estimated influences of physical—capital accumulation, human—capital accumulation, and …
The Facts of Economic Growth - Stanford University
The Facts of Economic Growth C.I. Jones Stanford GSB, Stanford, CA, United States NBER, Cambridge, MA, United States Contents 1. Growth at the Frontier 5 1.1 Modern Economic …
5 The Solow Growth Model - University of Pennsylvania
Evaluation of the Model: Development Facts 1. Difierences in income levels across countries explained in the model by difierences in s;n and –. 2. Variation in growth rates: in the model …
Advanced Macroeconomics 11. Before Growth: The …
Before Economic Growth We have been studying models of economies that grow steadily over time. However, prior to around the year 1800, there is very little evidence of steady ... We will …
The Ramsey optimal growth model - Macrodynamicsmodels
The Ramsey optimal growth model 1 The model The standard Dynamic General Equilibrium model that is currently used in macroeconomic analysis has as its starting point the model …
Contemporary Economic Growth Models and Theories: A
economic growth is one of the main targets of economic policy in many countries around the world. This brief literature review discusses main existing theories and models of economic …
Target Setting in Tournaments: Theory and Evidence from China
used by upper-level o cial to convey the importance of economic growth and incen-tivise subordinates in the tournaments. Our model predicts a top-down ampli cation of economic …
Explaining Economic Growth: Factor Accumulation, Total …
model of economic growth that serves as the point of departure for most later growth theories. The model specifies a neoclassical production function, where physical capital, labor, and an ...
View of Rethinking Economic Growth: Integrating …
by Solow (1956), explains long-run economic growth as significance of external forces to the economy (e.g., ... the exogenous model for economic growth became theoretically …
A Contribution to the Empirics of Economic Growth
recent trend among economists to dismiss the Solow growth model in favor of endogenous-growth models that assume constant or increasing returns to scale in capital. One can explain …
Economics of Development
Answer: B. Economic growth plus changes in output distribution and economic structure. 18. Economic development means_____. A. Economic growth. B. Economic growth plus structural …
China’s Economic Growth in Retrospect - Brookings
ter reviews China’s growth experience and explains the main economic and political drivers behind the country’s economic success. In economic terms, there is probably little miracle in …
Total Factor Productivity: An Unobserved Components …
Productivity. In the study of economic growth, the Neoclassical growth model explains growth in terms of technical progress as measured by the secular component of Total Factor …
Macroeconomic Determinants of Economic Growth in Ethiopia
economic growth of 30 developing countries, and found that FDI is an important factor for economic growth in the long-run, especially for emerging and developing countries though it …
14.452 Economic Growth: Lectures 5 and 6, Neoclassical …
Foundations of Neoclassical Growth Solow model: constant saving rate. More satisfactory to specify the preference orderings of individuals ... Daron Acemoglu (MIT) Economic Growth …
TRADE LIBERALIZATION, HUMAN CAPITAL AND ECONOMIC …
Economic Growth: Amadeo (2018) defines economic growth as how much more the economy produces, which enhances profitability of businesses, increases in stock prices that encourage …
ECONOMI-C HISTORY REVIEW
THE STAGES OF ECONOMIC GROWTH By W. W. ROSTOW T HIS article summarizes a way of generalizing the sweep of modern economic history. The form of this generalization is a set of …
Chapter 5: The Schumpeterian Model - Brown University
New Growth Economics Chapter 5 Aghion et al. models focusing on –rm dynamics and reallocation of resources among incumbents and new en-trants.3 These models are easily …
The growth model with product variety (Romer, 1990)
Romer’s (1990) model explains long-term growth by a voluntary and remunerated technical progress, the remuneration taking the form of a monopoly rent protected by a trade secret or a …
Innovation, Imitation and Economic Growth - Minneapolis Fed
Innovation, Imitation and Economic Growth by Paul S. Segerstrom Michigan State University April 1990 Current Version: September 28, 1990 Abstract: This paper develops a dynamic general …
Before Growth: The Malthusian Model - Karl Whelan
standards prior to the Industrial Revolution but all agree that the average rate of economic growth was very low before 1800. In addition, Figure 2 shows that global population growth ... we will …
Rethinking Economic Growth: Integrating Environmental …
growth model wherein human capital, innovation, and spillovers of knowledge drive economic growth. But these models often pass over the critical effect of environmental constraints and ...
Growth: Part 2 - LearnEconometrics.com
1.1 Long-run Growth One prediction of the simple Solow model, however, is inconsis-tent with the evidence. The simplest form of the Solow model predicts zero economic growth in the long run. …
Solow Model - Macroeconomics II (Econ-6395)
Solow Growth Model Solow Growth Model Solow Growth Model Develop a simple framework for the proximate causes and the mechanics of economic growth and cross-country income …
The Neoclassical Growth Model and 20 Century Economics
to the Theory of Economic Growth” (1956) and “Technical Change and the Aggregate Production Function” (1957), growth economics developed into a major area of research in ... growth …
The Role of Population and Human Capital in Determining …
economic growth is empirically unobservable, this paper develops a modified idea-based growth model with endogenous human capital and population. Based on the assumption that the …
The Growth of Nations - Brookings
276 Brookings Papers on Economic Activity, 1:1995 Overview Robert Solow provided the most basic version of the neoclassical the- ory of growth.2 The centerpiece of the model is the …
14.452 Economic Growth: Lecture 3 (second part), The Solow …
Solow Growth Model and the Data Use Solow model or extensions to interpret both economic growth over time and cross-country output di⁄erences. Focus on proximate causes of economic …
Perspectives on Growth Theory - American Economic …
favor of the traditional assumptions, but it explains why the model feels comfortable to economists. Besides, there is quite a bit of evidence to support 2I n principl e ther is no reaso t …
14.452 Economic Growth: Lecture 4, The Solow Growth …
Mapping the Model to Data Introduction. Solow Growth Model and the Data. Use Solow model or extensions to interpret both economic growth over time and cross-country output differences. …
Modeling the Dynamics of Poverty Trap and Debt Accumulation
In this paper, we developed a system dynamics model based ... the causal structural mechanism that explains poverty trap and determine internal poverty ... relationship between economic …
MA Macroeconomics 12. Endogenous Technological Change: …
1 ˚ = 1 (so growth in output per worker equals growth in population). In this case, the optimal share of researchers is one-half. Policy interventions to boost the rate of economic growth by raising …
Domestic Consumption-based Growth Model: Opportunities …
in response to the government's realization that the current growth model is unsustainable and economic restructuring is an imperative. This research note is divided into three parts. ... David …
AP® HUMAN GEOGRAPHY - College Board
Rostow’s five-stage model of economic growth and the core-periphery concept of Wallerstein’s world system theory. The purpose of the question was to have the students provide and …
Nicholas Kaldor’s Economics: a Review. - LMU
In the 1962 paper, “A New Model of Economic Growth,” Nicholas Kaldor, with James A. Mirrlees, writes an economic model which embodies technical progress within the economic system …
The Effect of Fertility Reduction on Economic Growth
and economic development, because in our thought experiment we hold constant all the unobserved factors that in reality a⁄ect both fertility and economic growth. To address our …
14.452 Economic Growth: Lectures 2 and 3 The Solow …
%PDF-1.4 %âãÏÓ 850 0 obj > endobj xref 850 98 0000000016 00000 n 0000004210 00000 n 0000004347 00000 n 0000004391 00000 n 0000004427 00000 n 0000004607 00000 n …
BY S. C. TSIANG - JSTOR
A MODEL OF ECONOMIC GROWTH IN ROSTOVIAN STAGES' BY S. C. TSIANG This paper gives a non-linear growth model, which explains the development of an economy through …
The Economic Theory of Fertility Over Three Decades - JSTOR
The 'economic model' has, for the last 15 to 20 years, been the dominant explanatory paradigm in ... the role of population growth in the development process; and what government policies are …
Topic 1: The Solow Model of Economic Growth - Trinity …
Topic 1: The Solow Model of Economic Growth Macroeconomics is not a one-size- ts-all type of eld. It would be a duanting task to even attempt to construct a model that explained all …
The Harris-Todaro Model - Cornell University
The Harris-Todaro Model Gary S. Fields Cornell University and IZA In the 1960s, the government of newly-independent Kenya faced a difficult situation: unemployment in Nairobi and other …
The Role of Population in Models of Economic Growth
demographic model of low income coun-tries is the pioneering framework provided by A. J. Coale and E. M. Hoover. In this model, rates of economic growth are in large part determined by the …
