The development of the endogenous growth model rekindled interest
in growth theory. In contrast to the neo-classical model, long-run
endogenous growth emerged as an equilibrium outcome, reflecting the
behaviour of optimizing agents in the economy. This book brings
together a number of contributions in growth theory and
macroeconomic dynamics, reflecting these developments and the
ongoing debate over the relative merits of neo-classical and
endogenous growth models. It focuses on the emergence of three
important aspects: First, it develops growth models that extend the
underlying theory in different directions. Second, it addresses one
of the concerns of the literature on growth and dynamics: the
statistical properties of underlying data and the effort to ensure
that growth models are consistent with empirical evidence. Third,
it discusses the increasingly international focus of macrodynamics
and growth theory, an inevitable consequence of the integration of
the world economy.
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