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The Forces of Economic Growth - A Time Series Perspective (Paperback)
Loot Price: R576
Discovery Miles 5 760
You Save: R94
(14%)
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The Forces of Economic Growth - A Time Series Perspective (Paperback)
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List price R670
Loot Price R576
Discovery Miles 5 760
You Save R94 (14%)
Expected to ship within 12 - 17 working days
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Donate to Gift Of The Givers
Total price: R596
Discovery Miles: 5 960
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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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