This modern and comprehensive book offers a broad survey of
economic growth theory, with special emphasis on the impact of
natural resources on long-term development. The book begins with
the standard growth models of the 1950s and 1960s and extends its
analysis to the so-called 'new' growth theory, in which the
long-term growth rate of an economy becomes an endogenous variable.
The impact of positive spillovers, human capital formation, public
services and innovation on the growth process are carefully
studied. Using models and empirical illustration, the author
evaluates to what extent growth theory is able to explain the huge
international differences in living standards prevailing in the
world today. The theoretical foundation is then used to consider
the issue of sustainable growth under stricter environmental
regulation. Growth Theory and Sustainable Development shows that
the understanding of growth theory is an important key to predict
the sustainability of long-term development, making it required
reading for students of economic development and environmental
economics.
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