Growth Theory: An Exposition

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From Nobel Laureate Robert M. Solow comes this second edition of his classic text, Growth Theory, to which he has added six new chapters. The book begins with the author's Nobel Prize Lecture "Growth Theory and After" (1987), followed by the six original chapters of the first edition. The author maintains that basic growth theory is still best summarized in these chapters.
The publication of the first edition in 1970 coincided with a worldwide productivity slowdown; during that time very little work occurred on growth theory. It wasn't until the 1980s that a surge of new research appeared, including the work of Roemer, Lucas, Grossman/Helpman, Aghion, and Howitt. The second half of the book deals with this relatively recent surge, often referred to as "the new endogenous growth theory." As a bridge to the six new chapters, Solow includes an essay entitled "Intermezzo" in which he discusses this transition. The author recasts his model to help the reader compare the relationships among all models; he deals rather tersely, for reasons explained in the book, with "AK" theory, convergence, and international cross-section studies rather tersely. The author concludes by drawing some lessons from the new growth theory and suggests where gaps may be filled in future research. Although Solow disagrees strongly with much of the recent research, he is quick to acknowledge some of its outstanding contributions.
This second edition is essential reading for graduate courses in macroeconomics as well as courses on growth theory at both undergraduate and graduate levels. No other book provides this broad overview of the whole field and its evolution.

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About the Author:

Robert M. Solow is at Massachusetts Institute of Technology.

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Other Popular Editions of the Same Title

9780198281665: Growth Theory: An Exposition (Radcliffe Lectures)

Featured Edition

ISBN 10:  0198281668 ISBN 13:  9780198281665
Publisher: Oxford University Press, 1970
Hardcover

9780195109023: Growth Theory: An Exposition

Oxford..., 2000
Hardcover

9780195056099: Growth Theory: An Exposition (Radcliffe Lectures)

Oxford..., 1988
Softcover

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Book Description Oxford University Press Inc, United States, 2000. Paperback. Condition: New. 2nd Revised edition. Language: English. Brand new Book. In the preface to the first edition of Growth Theory (copyright 1970), the author writes: "I have tried to give some feeling for the scope of aggregate theory of growth, a notion of technical details, and some idea of the directions in which future research is likely to go. About four years ago, the OUP NY economics editor suggested to Professor Solow that he bring this book up to date, because of the large amount of recent literature, often referred to as the "new growth theory," or more technically as "endogenous growth theory". This second edition of Growth Theory, which grew out of that conversation, begins with the author's Nobel Prize Lecture "Growth Theory and After" (1987) followed by the original six chapters of the first edition. The firstedition appeared in 1970; the author maintains that basic growth theory is still best summarized in these chapters, using what is often classified as "exogenous growth theory." In the 70s, which happened to coincide witha worldwide productivity slowdown, very little new work occurred in growth theory. It wasn'tuntil the 1980s that a surge of new writing appeared, with the work of Roemer, Lucas, and others, what the author refers to as "an astonishing burst of theoretical and empirical research that still continues." The author developed "a second half" of the book for this edition, six entirely new chpaters in which he discusses new growth theory (endogenous growth theory) and its relationship to exogenous theory. As a "bridge" between the two sets of chapters, he has written an essay entitled "Intermezzo" in which he discusses the relatively inactive period for growth theory in the 70s, before introducing the "new" endogenous theory of growth and contrasting it with earlier work. Solow is quick to agree that older growth theory can aptly be described as "exogenous," because the growth rate itself was left unexplained, or rather was considered a "given" (basically a result of the actual rate of labor-augmenting technology). But treating the growth rate as exogenous does not make it a permanent constant or inexplicable. Certainly things can be said about a variety of (exogenous) factors affecting the growth rate; nevertheless the "old" theory did not provide, ortry to give, a systematic theory of the growth rate. To sum up, according to the author, the way to understand exogenous growth theory is to show how aggregate output adjusts to the rate of population growth and the rate of technological process, whatever they happen to be and for however long the persist(treated in Chapters 1-6 and the "Intermezzo"). By contrast, the main contribution of the (new) endogenous grotwh theory is to propose a systematic theory of technological progress, a model that actually explains the rate of growth. It is the contention of the author that no theory of innovation or growth can come up with a formulaic way to arrive at a growth rate. For that reason he believes there is something arbitrary introduced into all endogenous theories of the rate of growth. They claim to explain more than they canbe expected to do. Rather than trying to pin down determinants of any "steady-state" growth rate, exogenous growth theory describes trends and policies that increase growth, including the growth rate. For reasons made explicit in the book, the author deals with "AK"theory, convergence, and international cross-section studies, with only the passing attention he believes they deserve. In the "second half of the book," starting in Chapter 7, the author recasts the older (exogenous) model (Chapters 1-6) so that it can be more easily compared with new models. Chapters 8-11 takes a close analytical look at hte key models: Lucas (8); Roemer (9); Grossman/Helpman (10); Aghion and Howitt (11). In each chapter he shows how an unwarranted assumption creeps into these models that try to determin growth rate endogenously. The final chapter looks at lessons from the new growth theory and. Seller Inventory # AAV9780195109030

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Book Description Oxford University Press Inc, United States, 2000. Paperback. Condition: New. 2nd Revised edition. Language: English. Brand new Book. In the preface to the first edition of Growth Theory (copyright 1970), the author writes: "I have tried to give some feeling for the scope of aggregate theory of growth, a notion of technical details, and some idea of the directions in which future research is likely to go. About four years ago, the OUP NY economics editor suggested to Professor Solow that he bring this book up to date, because of the large amount of recent literature, often referred to as the "new growth theory," or more technically as "endogenous growth theory". This second edition of Growth Theory, which grew out of that conversation, begins with the author's Nobel Prize Lecture "Growth Theory and After" (1987) followed by the original six chapters of the first edition. The firstedition appeared in 1970; the author maintains that basic growth theory is still best summarized in these chapters, using what is often classified as "exogenous growth theory." In the 70s, which happened to coincide witha worldwide productivity slowdown, very little new work occurred in growth theory. It wasn'tuntil the 1980s that a surge of new writing appeared, with the work of Roemer, Lucas, and others, what the author refers to as "an astonishing burst of theoretical and empirical research that still continues." The author developed "a second half" of the book for this edition, six entirely new chpaters in which he discusses new growth theory (endogenous growth theory) and its relationship to exogenous theory. As a "bridge" between the two sets of chapters, he has written an essay entitled "Intermezzo" in which he discusses the relatively inactive period for growth theory in the 70s, before introducing the "new" endogenous theory of growth and contrasting it with earlier work. Solow is quick to agree that older growth theory can aptly be described as "exogenous," because the growth rate itself was left unexplained, or rather was considered a "given" (basically a result of the actual rate of labor-augmenting technology). But treating the growth rate as exogenous does not make it a permanent constant or inexplicable. Certainly things can be said about a variety of (exogenous) factors affecting the growth rate; nevertheless the "old" theory did not provide, ortry to give, a systematic theory of the growth rate. To sum up, according to the author, the way to understand exogenous growth theory is to show how aggregate output adjusts to the rate of population growth and the rate of technological process, whatever they happen to be and for however long the persist(treated in Chapters 1-6 and the "Intermezzo"). By contrast, the main contribution of the (new) endogenous grotwh theory is to propose a systematic theory of technological progress, a model that actually explains the rate of growth. It is the contention of the author that no theory of innovation or growth can come up with a formulaic way to arrive at a growth rate. For that reason he believes there is something arbitrary introduced into all endogenous theories of the rate of growth. They claim to explain more than they canbe expected to do. Rather than trying to pin down determinants of any "steady-state" growth rate, exogenous growth theory describes trends and policies that increase growth, including the growth rate. For reasons made explicit in the book, the author deals with "AK"theory, convergence, and international cross-section studies, with only the passing attention he believes they deserve. In the "second half of the book," starting in Chapter 7, the author recasts the older (exogenous) model (Chapters 1-6) so that it can be more easily compared with new models. Chapters 8-11 takes a close analytical look at hte key models: Lucas (8); Roemer (9); Grossman/Helpman (10); Aghion and Howitt (11). In each chapter he shows how an unwarranted assumption creeps into these models that try to determin growth rate endogenously. The final chapter looks at lessons from the new growth theory and. Seller Inventory # AAV9780195109030

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Book Description Oxford University Press. Paperback. Condition: New. 220 pages. Dimensions: 8.2in. x 5.5in. x 0.6in.From Nobel Laureate Robert M. Solow comes this second edition of his classic text, Growth Theory, to which he has added six new chapters. The book begins with the authors Nobel Prize Lecture Growth Theory and After (1987), followed by the six original chapters of the first edition. The author maintains that basic growth theory is still best summarized in these chapters. The publication of the first edition in 1970 coincided with a worldwide productivity slowdown; during that time very little work occurred on growth theory. It wasnt until the 1980s that a surge of new research appeared, including the work of Roemer, Lucas, GrossmanHelpman, Aghion, and Howitt. The second half of the book deals with this relatively recent surge, often referred to as the new endogenous growth theory. As a bridge to the six new chapters, Solow includes an essay entitled Intermezzo in which he discusses this transition. The author recasts his model to help the reader compare the relationships among all models; he deals rather tersely, for reasons explained in the book, with AK theory, convergence, and international cross-section studies rather tersely. The author concludes by drawing some lessons from the new growth theory and suggests where gaps may be filled in future research. Although Solow disagrees strongly with much of the recent research, he is quick to acknowledge some of its outstanding contributions. This second edition is essential reading for graduate courses in macroeconomics as well as courses on growth theory at both undergraduate and graduate levels. No other book provides this broad overview of the whole field and its evolution. This item ships from multiple locations. Your book may arrive from Roseburg,OR, La Vergne,TN. Paperback. Seller Inventory # 9780195109030

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