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