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Über dieses Buch

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.

Inhaltsverzeichnis

Frontmatter

Chapter 1. Endogenous Growth: Introduction

Abstract
This book examines the theme of endogenous growth in historical perspective.
Ramesh Chandra

Chapter 2. Adam Smith and Economic Progress

Abstract
In “Introduction and Plan of the Work” of the Wealth of Nations, Smith (1776) points out that a nation’s annual supply of “necessaries and conveniences” of life is regulated by two factors: “first by the skill, dexterity, and judgment with which its labour is applied; and, secondly, by the proportion between the number of those who are employed in useful labour, and those who are not so employed” (ibid., I, p. 1).
Ramesh Chandra

Chapter 3. Alfred Marshall on Organic Growth

Abstract
Peter Groenewegen (2007), Marshall’s biographer, has listed his several achievements but growth is not one of them. However, it is important to reconstruct his growth ideas as the later authors including Allyn Young, Paul Krugman, and Paul Romer drew on them.
Ramesh Chandra

Chapter 4. Allyn Young on Increasing Returns

Abstract
Allyn Young, a Harvard economist, shot into international fame for his contribution to Paris peace conference after WWI.
Ramesh Chandra

Chapter 5. Nicholas Kaldor on Equilibrium Economics and Economic Growth

Abstract
Nicholas Kaldor was Hungarian by birth, and like so many other European emigrants, was more English than the English themselves, and revelled in her institutions (Thirlwall 1987a, p. 519).
Ramesh Chandra

Chapter 6. Lauchlin Currie and the Leading-Sector Model of Growth

Abstract
Lauchlin Currie (1902–1993) was a student of Allyn Young at Harvard. He was initially interested in monetary economics and the problems emanating from the Great Depression but later headed a World Bank Mission to Colombia in 1949 and became a development economist.
Ramesh Chandra

Chapter 7. Paul Rosenstein-Rodan and the Post-war Development Model

Abstract
Development economics as a sub-discipline within economics started after WWII when many countries in Asia, Africa, the Caribbean, and Latin America gained political independence.
Ramesh Chandra

Chapter 8. Paul Krugman, New Trade Theory and New Economic Geography

Abstract
New trade theory emerged as an explanation of trade in the late 1970s onwards with the pioneering work of Krugman (1979, 1980, 1981, 1986, 1990), Helpman and Krugman (1985, 1989), Brander (1981), Brander and Krugman (1983) among others.
Ramesh Chandra

Chapter 9. Paul Romer and Modern Endogenous Growth Theory

Abstract
Endogenous growth occurs as a result of the forces engendered within the system and not due to any forces outside the system. It can also be thought of as growth resulting from the actions of the economic agents within the system.
Ramesh Chandra

Chapter 10. Endogenous Growth: Concluding Remarks and Policy Conclusions

Abstract
Allyn (Young 1990) observed that there is no area in economics where there is so much confusion as increasing returns.
Ramesh Chandra

Backmatter

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