This new two volume set contains major recent theoretical and
empirical contributions to the debate on long-term economic growth.
Research on long-term growth was revitalized in recent years as it
became clear that countries were not converging in income levels as
was predicted by the neoclassical growth model. Also differences in
growth rates across countries seemed systematic and predictable.
These findings led to the development of models of 'endogenous
growth' through which a country's long-run growth rate is
determined by economic and policy variables.Professor Grossman -
who is a recognized authority on the new growth theory - has chosen
some of the most exciting and and innovative papers on convergence
and the endogenous growth models that were constructed to explain
the stylized facts. Empirical tests of the new models, are made
accessible, as well as extensions of the theory to study the
effects of international trade on growth, the implications of
imperfect capital markets for growth and the relationship between
the distribution of income and growth.
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