Growth Theory: An Exposition

Business & Money

Solow, Robert M.

Economics

Oxford University Press

With American productivity growing at ever-smaller rates and international stock markets in spectacular turmoil, this distinguished book by one of the greatest living economists is more timely than ever. Organized around the famous Harrod-Domar conditions for equilibrium in a growing economy, Growth Theory: An Exposition presents a concise survey of the modern macroeconomic theory of growth, showing how the character of full-employment growth equilibrium changes and enlarges as more complicated assumptions are made about technology, invention, saving, and the existence of monetary assets. The book explores general policy issues and includes an elementary exposition of the problem of optimal paths of capital accumulation, and the discounting of the benefits of public investments. The paperback edition features the full text of Solow's Nobel Prize acceptance speech.

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; for reasons made explicit in the book, he deals 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.

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.

Made in America: Regaining the Productive Edge

Made in America identifies what is best and worth replicating in American industrial practice and sets out five national priorities for regaining the productive edge.
What went wrong and how can America become second to none in industrial productivity? This long awaited study by a team of top notch MIT scientists and economists - the MIT Commission on Industrial Productivity - takes a hard look at the recurring weaknesses of American industry that are threatening the country's standard of living and its position in the world economy. Made in America identifies what is best and worth replicating in American industrial practice and sets out five national priorities for regaining the productive edge. Unlike other studies that prescribe macroeconomic cures, Made in America focuses on the reorganization and effective integration of human resources and new technologies within the firm as a principal driving force for long term growth in productivity. Made in America examines the relationship between human resources and technological change in detail and singles out the most significant productivity weaknesses from the myriad causes that are typically cited. These include shortÂtime horizons and a preoccupation with the bottom line, outdated strategies that focus excessively on the domestic market, lack of cooperation within and among U.S. firms, neglect of human resources, technological failures in translating discoveries to products, and a mismatch between governmental actions and the needs of industry. Looking ahead Made in America asserts that industrial performance would improve substantially simply by building on what is best in U.S. industry. It describes representative systems of production that can serve as models of best industrial practice for niche producers, price competitive specialized producers, and flexible mass producers. Among the goals singled out as national priorities are the creation of a new economic citizenship that involves wellÂeducated workers as active partners in the reproduction process, a new strategic focus on production, finding a better balance between cooperation and individualism, learning to live in an increasingly international economy, and making proper provision for the future both in terms of capital and human resources. The findings and goals of Made in America are based on such measures of productivity performance as product quality, innovativeness, time to market, and service in eight manufacturing sectors - semiconductors, computers, and office equipment; automobiles; steel; consumer electronics, chemicals and pharmaceuticals; textiles; machine tools; and commercial aircraft. These measures revealed a large gap between the best and average U.S. practice.

Dertouzos, Michael L.

Lester, Richard K.

Mit Pr

Inflation, Unemployment, and Monetary Policy

The connection between price inflation and real economic activity has been a focus of macroeconomic research and debate. Although this connection is crucial to our understanding of what monetary policy can and cannot accomplish, opinions about its basic properties have swung widely over the years. Many studying monetary policy acknowledge that, contrary to what many modern macroeconomic models suggest, central bank actions often affect both inflation and measures of real economic activity, such as output, unemployment and incomes. But the nature and magnitude of these effects are not yet understood. In this volume the authors present their views on the dilemmas facing US monetary policymakers. The aim of the book is to make both an intellectual contribution to macroeconomics and a practical contribution to the solution of a public policy question of central importance.

TAYLOR, JOHN B.

Edited and with an introduction by Benjamin M. Friedman The connection between price inflation and real economic activity has been a focus of macroeconomic research―and debate―for much of the past century. Although this connection is crucial to our understanding of what monetary policy can and cannot accomplish, opinions about its basic properties have swung widely over the years. Today, virtually everyone studying monetary policy acknowledges that, contrary to what many modern macroeconomic models suggest, central bank actions often affect both inflation and measures of real economic activity, such as output, unemployment, and incomes. But the nature and magnitude of these effects are not yet understood. In this volume, Robert M. Solow and John B. Taylor present their views on the dilemmas facing U.S. monetary policymakers. The discussants are Benjamin M. Friedman, James K. Galbraith, N. Gregory Mankiw, and William Poole. The aim of this lively exchange of views is to make both an intellectual contribution to macroeconmics and a practical contribution to the solution of a public policy question of central importance.

Inflation, Unemployment, and Monetary Policy (Alvin Hansen Symposium Series on Public Policy)

Taylor, James B.

Designed primarily for economists and those interested in management economics who are not necessarily accomplished mathematicians, this text offers a clear, concise exposition of the relationship of linear programming to standard economic analysis. The research and writing were supported by The RAND Corporation in the late 1950s. Linear programming has been one of the most important postwar developments in economic theory, but until publication of the present volume, no text offered a comprehensive treatment of the many facets of the relationship of linear programming to traditional economic theory. This book was the first to provide a wide-ranging survey of such important aspects of the topic as the interrelations between the celebrated von Neumann theory of games and linear programming, and the relationship between game theory and the traditional economic theories of duopoly and bilateral monopoly. Modern economists will especially appreciate the treatment of the connection between linear programming and modern welfare economics and the insights that linear programming gives into the determinateness of Walrasian equilibrium. The book also offers an excellent introduction to the important Leontief theory of input-output as well as extensive treatment of the problems of dynamic linear programming. Successfully used for three decades in graduate economics courses, this book stresses practical problems and specifies important concrete applications.

Linear Programming and Economic Analysis (Dover Books on Computer Science)

Dorfman, Robert

Samuelson,Paul A.

Dover Publications

Robert Solow is widely regarded as one of the greatest living economists. He has conducted path-breaking work in both microeconomics and macroeconomics, is the best-selling author of numerous publications, and was awarded the Nobel Prize for Economic Science in 1987. In Monopolistic Competition and Macroeconomic Theory, Professor Solow gives a nontechnical account of the implications of monopolistic competition on macroeconomic theory and shows that simple and tractable micro-based models can offer the possibility of a richer and more intuitive macroeconomics.

Monopolistic Competition and Macroeconomic Theory (Federico Caffè Lectures)

Cambridge University Press

Monopolistic Competition and Macroeconomic Theory (Federico Caffe Lectures)

See the best price to sell, buy, or rent books by Solow, Robert M.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Solow, Robert M.

See the best price to sell, buy, or rent books by Solow, Robert M.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Growth Theory: An Exposition

Growth Theory: An Exposition

Growth Theory: An Exposition

Growth Theory: An Exposition

Made in America: Regaining the Productive Edge

Inflation, Unemployment, and Monetary Policy

Inflation, Unemployment, and Monetary Policy (Alvin Hansen Symposium Series on Public Policy)

Linear Programming and Economic Analysis (Dover Books on Computer Science)

Monopolistic Competition and Macroeconomic Theory (Federico Caffè Lectures)

Monopolistic Competition and Macroeconomic Theory (Federico Caffe Lectures)