- Hardcover: 520 pages
- Publisher: The MIT Press (Dec 19 2008)
- Language: English
- ISBN-10: 0262012634
- ISBN-13: 978-0262012638
- Product Dimensions: 17.8 x 2.5 x 22.9 cm
- Shipping Weight: 880 g
- Average Customer Review: Be the first to review this item
- Amazon Bestsellers Rank: #639,850 in Books (See Top 100 in Books)
The Economics of Growth Hardcover – Dec 19 2008
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A central puzzle of growth theory is to account for sustained productivity increase in the face of diminishing returns. Aghion and Howitt describe, with great clarity and verve, the main explanations that growth theory has proposed: from denial of the reality of diminishing returns to capital to Schumpeterian creative destruction, with intervening stops for exogenous and endogenous technological progress. An industrious reader can end up poised at the current analytical frontier, prepared to think about open questions and new issues.(Robert Solow, Department of Economics, MIT)
This text is both a clear and a concise survey of several approaches in the study of economic growth and an excellent introduction to the authors' impressive extensions of the Schumpeterian approach to market innovation and innovation policy.(Edmund S. Phelps, Director, Center on Capitalism and Society, Columbia University, and Winner of the 2006 Nobel Prize in Economics)
About the Author
Philippe Aghion is a Professor at the College de France and at the London School of Economics. Aghion is coauthor (with Peter Howitt) of Endogenous Growth Theory (MIT Press).
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Most helpful customer reviews on Amazon.com
At the beginning the four growth models are presented. The Solow model of growth theory explains stable growth equilibrium, but cannot explain the growth of the model, as all factors of production (labor and capital) to be paid and the innovation are no longer remunerated. This may explain the AK model. Here growth is explained by the model, but it cannot explain the convergence of countries. The other two models show that innovation and product variation lead to better results. The Schumpeterianische growth model is the best model which is consistent with the practice. In the second part the technical requirements and levels are described for growth. How to finance influences growth and the Club theory is explained. It explains the direction of growth and convergence. What factors bring the countries together at the various levels of the growth process and which hinders an approximation. The strength of the book lies in the discovery of the relationship between competition, innovation, growth and regulation.
The third part looks at the economic policies and apply the theory to different aspects. Education policy is shown. As institutions on growth and international trade and environmental policy are explained and theorized.
The reader requires a certain macroeconomic basic knowledge and theory is very demanding. But also easy to understand in the conclusions.