Handbook of Economic Growth, Volume 1B by Philippe Aghion, Steven Durlauf

By Philippe Aghion, Steven Durlauf

The Handbooks in Economics sequence maintains to supply many of the branches of economics with handbooks that are definitive reference resources, appropriate to be used by means of expert researchers, complex graduate scholars, or through these looking a instructing complement. The instruction manual of financial progress, edited by means of Philippe Aghion and Steven Durlauf, with an creation via Robert Solow, positive aspects in-depth, authoritative survey articles via the best economists engaged on progress thought. quantity 1a, the 1st during this quantity set, covers theories of monetary development, the empirics of financial progress, and progress guidelines and mechanisms. quantity 1b, the second one during this quantity set, covers expertise, alternate and geography, and development and socio-economic improvement.

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That is, the modeler specifies some simple, exogenous rules for allocating resources. This is useful for a number of reasons. First, it forces us to be clear from 10 This approach can be justified by a simple dynamic system of the form h˙ = µeψ h − δh, where human capital depreciates at rate δ. It is readily seen that in the steady state, this equation implies that h is proportional to eψ h , as we have assumed. More generally, of course, richer equations for human capital can be imagined. 11 To keep utility finite, we require a technical condition on the parameters of the model.

This stability can be easily seen by plotting per capita GDP for the United States on a logarithmic scale, as shown in Figure 1. 8 percent per year provides a very accurate description of average growth rates in the United States dating back to 1870. There are departures from this line, of course, most clearly corresponding to the Great Depression and the recovery following World War II. But what is truly remarkable about this figure is how well a straight line describes the trend. Jones (1995b) made this point in the following way.

Each of these papers makes a useful contribution by attempting to create new institutions that might improve the allocation of resources. 5. Scale effects Idea-based growth models are linked tightly to increasing returns to scale, as was noted earlier in the Idea Diagram. The mechanism at the heart of this link is nonrivalry: the fact that knowledge can be used by an arbitrarily large number of people simultaneously without degradation means that there is something special about the first instantiation of an idea.

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