Whereas other books on endogenous growth stress a particular
aspect, such as trade or convergence, this book provides a
comprehensive survey of the theoretical and empirical debates
raised by modern growth theory. Advanced economies have experienced
a tremendous increase in material well- being since the industrial
revolution. Modern innovations such as personal computers, laser
surgery, jet airplanes, and satellite communication have made us
rich and transformed the way we live and work. But technological
change has also brought with it a variety of social problems. It
has been blamed at various times for increasing wage and income
inequality, unemployment, obsolescence of physical and human
capital, environmental deterioration, and prolonged recessions. To
understand the contradictory effects of technological change on the
economy, one must delve into structural details of the innovation
process to analyze how laws, institutions, customs, and regulations
affect peoples' incentive and ability to create new knowledge and
profit from it. To show how this can be done, Philippe Aghion and
Peter Howitt make use of Schumpeter's concept of creative
destruction, the competitive process whereby entrepreneurs
constantly seek new ideas that will render their rivals' ideas
obsolete. Whereas other books on endogenous growth stress a
particular aspect, such as trade or convergence, this book provides
a comprehensive survey of the theoretical and empirical debates
raised by modern growth theory. It develops a powerful engine of
analysis that sheds light not only on economic growth per se, but
on the many other phenomena that interact with growth, such as
inequality, unemployment, capital accumulation, education,
competition, natural resources, international trade, economic
cycles, and public policy.
General
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