How can society improve its living standards? What are the
conditions necessary for prosperity? These are the questions that
define the essence of growth theory. In this user-friendly book,
Olivier de la Grandville provides a fascinating introduction to the
theory of economic growth and shows how many results from this
field are of paramount importance for society. The classical
mechanics of the growth process are carefully explained, with two
chapters devoted to the fundamental issue of the substitution of
labor for capital in the growth process (co-written with Robert M.
Solow, winner of the Nobel Prize in Economics). The book also
addresses the fundamental question of the optimal investment rate
of an economy. In addition, de la Grandville shows us that by
unifying the descriptive and normative aspects of growth theory we
can generate many fresh insights, including a proof of Adam Smith's
'Invisible Hand' conjecture.
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