Introduction to Modern Economic Growth

ISBN-10: 0691132925
ISBN-13: 9780691132921
Edition: 2009
Authors: Daron Acemoglu
List price: $110.00 Buy it from $53.48
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Description: Introduction to Modern Economic Growthis 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  More...

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Book details

List price: $110.00
Copyright year: 2009
Publisher: Princeton University Press
Publication date: 1/4/2009
Binding: Hardcover
Pages: 1008
Size: 8.25" wide x 10.00" long x 1.75" tall
Weight: 4.554
Language: English

Introduction to Modern Economic Growthis 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 necessary 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 A solutions manual for professors will be available at press.princeton.edu (spring 2009)

Preface
Introduction
Economic Growth and Economic Development: The Questions
Cross-Country Income Differences
Income and Welfare
Economic Growth and Income Differences
Origins of Today's Income Differences and World Economic Growth
Conditional Convergence
Correlates of Economic Growth
From Correlates to Fundamental Causes
The Agenda
References and Literature
The Solow Growth Model
The Economic Environment of the Basic Solow Model
The Solow Model in Discrete Time
Transitional Dynamics in the Discrete-Time Solow Model
The Solow Model in Continuous Time
Transitional Dynamics in the Continuous-Time Solow Model
A First Look at Sustained Growth
Solow Model with Technological Progress
Comparative Dynamics
Taking Stock
References and Literature
Exercises
The SolowModel and the Data
Growth Accounting
The Solow Model and Regression Analyses
The Solow Model with Human Capital
Solow Model and Cross-Country Income Differences: Regression Analyses
Calibrating Productivity Differences
Estimating Productivity Differences
Taking Stock
References and Literature
Exercises
Fundamental Determinants of Differences in Economic Performance
Proximate versus Fundamental Causes
Economies of Scale, Population, Technology, and World Growth
The Four Fundamental Causes
The Effect of Institutions on Economic Growth
What Types of Institutions?
Disease and Development
Political Economy of Institutions: First Thoughts
Taking Stock
References and Literature
Exercises
Toward Neoclassical Growth
Foundations of Neoclassical Growth
Preliminaries
The Representative Household
Infinite Planning Horizon
The Representative Firm
Problem Formulation
Welfare Theorems
Proof of the Second Welfare Theorem (Theorem 5.7)
Sequential Trading
Optimal Growth
Taking Stock
References and Literature
Exercises
Infinite-Horizon Optimization and Dynamic Programming
Discrete-Time Infinite-Horizon Optimization
Stationary Dynamic Programming
Stationary Dynamic Programming Theorems
The Contraction Mapping Theorem and Applications
Proofs of the Main Dynamic Programming Theorems
Applications of Stationary Dynamic Programming
Nonstationary Infinite-Horizon Optimization
Optimal Growth in Discrete Time
Competitive Equilibrium Growth
Computation
Taking Stock
References and Literature
Exercises
An Introduction to the Theory of Optimal Control
Variational Arguments
The Maximum Principle: A First Look
Infinite-Horizon Optimal Control
More on Transversality Conditions
Discounted Infinite-Horizon Optimal Control
Existence of Solutions, Concavity, and Differentiability
A First Look at Optimal Growth in Continuous Time
The q-Theory of Investment and Saddle-Path Stability
Taking Stock
References and Literature
Exercises
Neoclassical Growth
The Neoclassical Growth Model
Preferences, Technology, and Demographics
Characterization of Equilibrium
Optimal Growth
Steady-State Equilibrium
Transitional Dynamics and Uniqueness

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