Knowledge and the Wealth of Nations A Story of Economic Discovery

ISBN-10: 0393329887
ISBN-13: 9780393329889
Edition: 2007
Authors: David Warsh
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Description: "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.  More...

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Book details

List price: $17.95
Copyright year: 2007
Publisher: W. W. Norton & Company, Incorporated
Publication date: 5/17/2007
Binding: Paperback
Pages: 448
Size: 5.50" wide x 8.25" long x 1.25" tall
Weight: 0.880
Language: English

"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.

Former Boston Globe columnist David Warsh writes the online newsletter Economic Principals. He lives in Somerville, Massachusetts.

Preface
Introduction
The Discipline
"It Tells You Where to Carve the Joints"
What Is a Model? How Does It Work?
The Invisible Hand and the Pin Factory
How the Dismal Science Got Its Name
The Underground River
Spillovers and Other Accommodations
The Keynesian Revolution and the Modern Movement
"Mathematics Is a Language"
When Economics Went High-Tech
The Residual and Its Critics
The Infinite-Dimensional Spreadsheet
Economists Turn to Rocket Science, and "Model" Becomes a Verb
New Departures
"That's Stupid!"
In Hyde Park
The U-Turn
The Keyboard, the City, and the World
Recombinations
Crazy Explanations
At the Ski Lift
"Endogenous Technological Change"
Conjectures and Refutations
A Short History of the Cost of Lighting
The Ultimate Pin Factory
The Invisible Revolution
Teaching Economics
Conclusion
Acknowledgments
Index

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