Economic Growth PDF
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Economic Growth TheNewPalgraveEconomicsCollection Editors:StevenN.Durlauf,UniversityofWisconsin-Madison,USA&LawrenceE.Blume, CornellUniversity,USA Alsointheseries: BehaviouralandExperimetalEconomics GameTheory MacroeconometricsandTimeSeriesAnalysis Microeconometrics MonetaryEconomics SeriesStandingOrderISBN978-0-230-24014-8hardcover SeriesStandingOrderISBN978-0-230-24013-1paperback ToreceivefuturetitlesinthisseriesastheyarepublishedquoteoneoftheISBNslistedabovetoset upastandingorder:contactyourbookseller;writetoCustomerServicesDepartment,Macmillan DistributionLtd,Houndmills,Basingstoke,Hampshire,RG216XS;[email protected]. l t 1,506 contributors 7,680 page 1 dynamic online resource Including articles by over 1,500 eminent contributors and providing a current overview of economics, this second edition of The New Palgrave is now available both in print and online. • Is regularly updated with new articles and updates to existing articles, along with new features and functionality Experience the world of economics at your fingertips! • Allows 24x7 access to members of subscribing institutions, outside library opening hours, on the move, at home or at Why not see for yourseLf how their desk vaLuabLe the online Dictionary is by encouraging your Librarian to • Offers excellent search and browse facilities, both request a triaL today? full text and advanced, which make it possible to explore the Dictionary with great speed and ease Free 2 week triaLs of The New Palgrave Dictionary of Economics • Contains hyperlinked cross-references within articles, making Online are now avaiLabLe to it an indispensable tool for researchers and students prospective institutionaL • Features carefully selected and maintained links to related sites, subscribers worldwide. Your sources of further information and bibliographical citations librarian can register today at www.dictionaryofeconomics.com. • Enables users to save searches, make personal annotations and bookmark articles they need to refer to regularly by using 'My Dictionary' www.dictionaryofeconomics.com Economic Growth Edited by Steven N. Durlauf University of Wisconsin-Madison, USA Lawrence E. Blume Cornell University, USA &MacmillanPublishersLtd2008,2010 Softcoverreprintofthehardcover1stedition2010978-0-230-23882-4 AllarticlesfirstpublishedinTheNewPalgraveDictionaryofEconomics,2ndEdition EditedbyStevenN.DurlaufandLawrenceE.Blume ineightvolumes,2008 withtheexceptionofNeoclassicalGrowthTheorywhichfirstpublishedinTheNew Palgrave:ADictionaryofEconomics EditedbyJohnEatwell,MurrayMilgateandPeterNewman infourvolumes,1987 Allrightsreserved.Noreproduction,copyortransmissionofthis publicationmaybemadewithoutwrittenpermission. Noportionofthispublicationmaybereproduced,copiedortransmitted savewithwrittenpermissionorinaccordancewiththeprovisionsofthe Copyright,DesignsandPatentsAct1988,orunderthetermsofanylicence permittinglimitedcopyingissuedbytheCopyrightLicensingAgency, SaffronHouse,6-10KirbyStreet,LondonEC1N8TS. Anypersonwhodoesanyunauthorizedactinrelationtothispublication maybeliabletocriminalprosecutionandcivilclaimsfordamages. Theauthorshaveassertedtheirrighttobeidentifiedastheauthorofthis workinaccordancewiththeCopyright,DesignsandPatentsAct1988. Firstpublished2010by PALGRAVEMACMILLAN PalgraveMacmillanintheUKisanimprintofMacmillanPublishersLimited, registeredinEngland,companynumber785998,ofHoundmills,Basingstoke, HampshireRG216XS. PalgraveMacmillanintheUSisadivisionofStMartin’sPressLLC, 175FifthAvenue,NewYork,NY10010. PalgraveMacmillanistheglobalacademicimprintoftheabovecompanies andhascompaniesandrepresentativesthroughouttheworld. PalgravesandMacmillansareregisteredtrademarksintheUnitedStates, theUnitedKingdom,Europeandothercountries. ISBN 978-0-230-23883-1 ISBN 978-0-230-28082-3 (eBook) DOI 10.1057/9780230280823 Thisbookisprintedonpapersuitableforrecyclingandmadefromfully managedandsustainedforestsources.Logging,pulpingandmanufacturing processesareexpectedtoconformtotheenvironmentalregulationsofthe countryoforigin. AcataloguerecordforthisbookisavailablefromtheBritishLibrary. AcatalogrecordforthisbookisavailablefromtheLibraryofCongress. Contents List of Contributors vii general purpose technologies 74 PETER L. ROUSSEAU General Preface ix globalization 80 Introduction x WILLIAM EASTERLY balanced growth 1 growth accounting 91 JOHNATHAN TEMPLE FRANCESCO CASELLI biased and unbiased growth and cycles 97 technological change 5 GADI BARLEVY PETER L. ROUSSEAU growth and inequality classical economics and (macro perspectives) 102 economic growth 9 VINCENZO QUADRINI GAVIN CAMERON growth and institutions 107 convergence 16 DARON ACEMOGLU STEVEN N. DURLAUF AND PAUL A. JOHNSON growth and international trade 116 JAMES RAUCH creative destruction 24 RICARDO J. CABALLERO growth and learning-by-doing 124 PAUL BEAUDRY Easterlin hypothesis 30 growth models, multisector 127 DIANE J. MACUNOVICH AND RICHARD A. EASTERLIN W.A. BROCK AND W.D. DECHERT economic growth 38 growth take-offs 133 PETER HOWITT AND MATTHIAS DOEPKE DAVID N. WEIL human capital, fertility and economic growth, empirical growth 141 regularities in 51 ODED GALOR STEVEN N. DURLAUF AND PAUL A. JOHNSON Industrial Revolution 148 GREGORY CLARK economic growth in the very long run 57 inequality (global) 161 ODED GALOR STEVE DOWRICK endogenous growth theory 68 neoclassical growth theory 172 PETER HOWITT F.H. HAHN vi Contents neoclassical growth theory technical change 237 (new perspectives) 193 S. METCALFE RODOLFO E. MANUELLI technology 249 new economic geography 207 JOEL MOKYR ANTHONY J. VENABLES total factor productivity 260 poverty traps 215 DIEGO COMIN KIMINORI MATSUYAMA urban growth 264 religion and economic YANNIS M. IOANNIDES AND development 222 ESTEBAN ROSSI-HANSBERG SRIYA IYER INDEX 270 Schumpeterian growth and growth policy design 229 PHILIPPE AGHION List of Contributors DARON ACEMOGLU RICHARD A. EASTERLIN Massachusetts Institute of Technology, University of California, Los Angeles, USA USA PHILIPPE AGHION WILLIAM EASTERLY Harvard University, USA New York University, USA GADI BARLEVY ODED GALOR Federal Reserve Bank of Chicago, USA Brown University, USA PAUL BEAUDRY F. H. HAHN The University of British Columbia, Canada University of Cambridge, UK W.A. BROCK PETER HOWITT University of Wisconsin, Madison, USA Brown University, USA RICARDO J. CABALLERO YANNIS M. IOANNIDES MassachusettsInstituteofTechnology,USA Tufts University, USA GAVIN CAMERON SRIYA IYER Oxford University, UK University of Cambridge, UK FRANCESCO CASELLI PAUL A. JOHNSON London School of Economics, UK Vassar College, USA GREGORY CLARK DIANE J. MACUNOVICH University of California Davis, USA University of Redlands, USA DIEGO COMIN RODLOFO E. MANUELLI Harvard Business School, USA University of Wisconsin Madison, USA W. D. DECHERT KIMINORI MATSUYAMA University of Houston, USA Northwestern University, USA MATTHIAS DOEPKE S. METCALFE Northwestern University, USA University of Cambridge, UK STEVE DOWRICK JOEL MOKYR Australian National University, Australia Northwestern University, USA STEVEN N. DURLAUF VINCENZO QUADRINI University of Wisconsin Madison, USA University of Southern California, USA viii List ofContributors JAMES RAUCH JONATHAN TEMPLE University of California San Diego, USA University of Bristol, UK ESTEBAN ROSSI-HANSBERG ANTHONY J. VENABLES Princeton University, USA University of Oxford, UK PETER L. ROUSSEAU DAVID N. WEIL Vanderbilt University, USA Brown University, USA General Preface All economists of a certain age remember the ‘‘little green books’’. Many own a few. These aretheoffspringof TheNewPalgrave: ADictionary ofEconomics; collections of reprints from The New Palgrave that were meant to deliver at least a sense of the Dictionary into the hands of those for whom access to the entire four volume, four million word set was inconvenient or difficult. The New Palgrave Dictionary of Economics, Second Edition largely resolvesthe accessibility problemthroughits online presence. But while the online search facility provides convenient access to specific topicsinthenoweightvolume,sixmillionwordDictionaryofEconomics,nointerface has yet been devised that makes browsing from a large online source a pleasurable activity forarainyafternoon.Toourdelight,TheNewPalgrave’spublishersharesour viewofthejoysofdictionary-surfing,andwearethuspleasedtopresentanewseries, the ‘‘little blue books’’, to make some part of the Dictionary accessible in the hand or lap for teachers, students, and those who want to browse. While the volumes in this series contain only articles that appeared in the 2008 print edition, readers can, of course, refer to the online Dictionary and its expanding list of entries. The selections in these volumes were chosen with several desiderata in mind: to touch on important problems, to emphasize material that may be of more general interest to economics beginners and yet still touch on the analytical core of modern economics,andtobalanceimportanttheoreticalconcernswithkeyempiricaldebates. The 1987 Eatwell, Milgate and Newman The NewPalgrave:A Dictionary ofEconomics was chiefly concerned with economic theory, both the historyof its evolution and its contemporary state. The second edition has taken a different approach. While much progresshasbeen made acrosstheboardin the 21yearsbetween the first and second editions, it is particularly the flowering of empirical economics which distinguishes the present interval from the 61 year interval between Henry Higgs’ Palgrave’s DictionaryofPoliticalEconomyandTheNewPalgrave.Itisfairtosaythat,inthelong run, doctrine evolves more slowly than the database of facts, and so some of the selections in these volumes will age more quickly than others. This problem will be solved in the online Dictionary through an ongoing process of revisions and updates. While no such solution is available for these volumes, we have tried to choose topics which will give these books utility for some time to come. Steven N. Durlauf Lawrence E. Blume
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