In economics, the emergence of New Growth Theory in recent
decades has directed attention to an old and important problem:
what are the forces of economic growth and how can public policy
enhance them? This book examines major forces of growth--including
spillover effects and externalities, education and formation of
human capital, knowledge creation through deliberate research
efforts, and public infrastructure investment. Unique in
emphasizing the importance of different forces for particular
stages of development, it offers wide-ranging policy implications
in the process.
The authors critically examine recently developed endogenous
growth models, study the dynamic implications of modified models,
and test the models empirically with modern time series methods
that avoid the perils of heterogeneity in cross-country studies.
Their empirical analyses, undertaken with newly constructed time
series data for the United States and some core countries of the
Euro zone, show that models containing scale effects, such as the
R&D model and the human capital model, are compatible with time
series evidence only after considerable modifications and
nonlinearities are introduced. They also explore the relationship
between growth and inequality, with particular focus on
technological change and income disparity. "The Forces of Economic
Growth" represents a comprehensive and up-to-date empirical time
series perspective on the New Growth Theory.
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