Growth Theory: an Exposition

Business & Money

Solow, Robert

Economics

Oxford University Press

This is the first in a series of annual reports on European economic developments by an international panel of distinguished economists, writing accessibly. Competitive Disinflation addresses one of the main areas of debate concerning economic developments in Europe: the extent to which the budgetary policy of national governments is competitive rather than cooperative. The discussion focuses on three particular cases, French macroeconomic policy since 1987, the reunification of Germany, and constraints imposed on national governments budgetary powers by membership of the EMU. This is a book about the radical alteration of the environment in which economic policy is formulated, with an analysis of options for action and a consideration of factors limiting the effectiveness of that action. It will be a stimulating read for all those, including students, who have an interest in macroeconomic policy issues in the context of European pressures.

Competitive Disinflation: The Mark and Budgetary Politics in Europe (International Policy Evaluation Group of Ofce)

Fitoussi, Jean-Paul

Blanchard, O.

Flemming, J.

Malinvaud, E.

Phelps, E. S.

Atkinson, A.B.

This book addresses a main area of debate of economic development in Europe--the extent to which the budget policy of national governments is competitive rather than co-operative. It focuses on three particular cases: French macroeconomic policy since 1987, the reunification of Germany, and constraints on governmental budgeting powers imposed by national membership of EMU. The book evolved from deliberations of an international panel of distinguished economists brought together by OFCE in Paris. The issues are topical, but not ephemeral, and the exposition is accessible to undergraduate students, as well as others interested in the global economy.

Competitive Disinflation: The Mark and Budgetary Politics in Europe

Macroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment, and persistent inflation. In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory, with the result that such pathologies can hardly be discussed within the vocabulary of the theory. This essay evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but alsohow to go about doing macroeconomics the right way. Hahn and Solow argue that what was originally offered as a normative model based on perfect foresight and universal perfect competition—useful for predicting what an ideal, omniscient planner should do—has been almost casually transformed into a model for interpreting real macroeconomic behavior, leading to Panglossian economics that does not reflect actual experience. Following an explanation of microeconomic foundations, chapters introduce the basic elements for a better macro model. The model is simple, but combined with the appropriate model of the labor market it can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.

A Critical Essay on Modern Macroeconomic Theory (Studies in Contemporary German Social Thought)

Hahn, Frank

Mit Pr

Book by Frank Hahn (University of Siena); Robert Solow (Massachusetts Institute of Technology)

A Critical Essay on Modern Macroeconomic Theory

Hahn, Frank H.

Wiley/Blackwell

Learning from ‘Learning by Doing’: Lessons for Economic Growth (Kenneth J Arrow Lectures)

This book by a Nobel laureate in economics begins with a brief exposition of Kenneth J. Arrow's classic paper "The Economic Implications of Learning by Doing" (1962). It shows how Arrow's idea fits into the modern theory of economic growth, and uses it as a springboard for a critical consideration of spectacular recent developments that have made growth theory a dynamic topic today. The author then develops a new theory that combines learning by doing (identifying it with the concept of "continuous improvement") with a separate process of discrete "innovations." Learning by doing leads to a fairly smooth reduction in labor required per unit of output, tied to the rate of gross investment in new capital equipment. Innovations arrive at random; when one of them happens, the labor requirement takes a jump downward. This new model, simple as it is, does not lend itself to self-contained solution. The author accordingly presents the results of a series of computer simulations that exhibit the variety of paths the new model economy can follow, showing, among other things, that early good luck can have a persistent effect. The book concludes with some general reflections on policies for economic growth, drawn not from any one modeling exercise but from general experience with a variety of growth models. Of the four chapters of this book, the first two were presented as the Kenneth J. Arrow Lectures at Stanford University in 1993. The computer simulations were specially done for inclusion in this book. The final chapter on policies for economic growth was first presented as the Ernest Sturc Lecture at the Johns Hopkins School of Advanced International Studies in Washington in 1991.

Learning from 'Learning by Doing': Lessons for Economic Growth (Kenneth J Arrow Lectures)

Stanford University Press

Covers the federal deficit, the economy, and government reform

President Clinton's New Beginning

Politics & Social Sciences

Tobin, James

More

Politics & Government

Dutton Adult

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