Lectures on Economic Growth PDF
Preview Lectures on Economic Growth
The most exciting field in economics dur- ing the past fifteen years has been that of economic growth. Economists are now be- ginning to find plausible answers to such profound questions as why some countries experienced rapid growth in the postwar era. while others stagnated; and why per capita income, which had been constant for most of human history, suddenly took off in the eighteenth century, the phe- nomenon known as the Industrial Revo- lution. In this book, the distinguished economist Robert Lucas brings together several of his seminal papers on the sub- ject, together with the Kuznets Lectures that he gave at Yale University, to pre- sent a coherent view of economic growth. The chapters progress from a general theory ofhow growth could be sustained and why growth rates might differ in dif- ferent countries, to a model of exception- al growth in certain countries in the twentieth century, to an account ofthe take-off ofgrowth in the Industrial Rev- olution, and finally to a prediction about patterns ofgrowth in this new century. The framework in all the chapters is a model with accumulation ofboth physi- cal and human capital, with emphasis on the external benefits ofhuman capital through diffusion ofnew knowledge or on-the-job learning, often stimulated by trade. The Kuznets Lectures consider the interaction ofhuman capital growth and the demographic transition in the early stages ofindustrialization. In the final (continued on backflap) Digitized by the Internet Archive 2014 in https://archive.org/details/lecturesonecononnOOIuca LECTURES ON ECONOMIC GROWTH
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