The Chinese economy has been regarded as one of the most dazzling phenomena in the current world economy. A systematic, objective and academic analysis on the contemporary Chinese economy, however, is still lacking. This book, written by an excellent native Chinese scholar, fills this void in many respects lucidly. The book gives a systematic analysis on the modern Chinese economy since China's economic reform and its opening-up in 1978. It also includes analytical comparisons on differences between China and the West and illustrates how these differences in terms of economic structure, financial and administrative system, the governance of the economy attributed to the growth and economic performance of China. The book also provides a deep economic analysis on China's future difficulties and challenges in development. The book provides a strategic consideration on how China should meet with these challenges and difficulties. Since China is an example of successful rise of a developing nation in the current world, this book is an innovative contribution to academics in the field of macroeconomics for developing economies. The book illustrates the success from a new perspective. This book makes an excellent choice as a textbook for related courses on Chinese economy in universities. It also serves as an excellent reference for understanding and researching on contemporary Chinese economy.

In economics, the emergence of New Growth Theory in recent decades has directed attention to an old and important problem: what are the forces of economic growth and how can public policy enhance them? This book examines major forces of growth--including spillover effects and externalities, education and formation of human capital, knowledge creation through deliberate research efforts, and public infrastructure investment. Unique in emphasizing the importance of different forces for particular stages of development, it offers wide-ranging policy implications in the process. The authors critically examine recently developed endogenous growth models, study the dynamic implications of modified models, and test the models empirically with modern time series methods that avoid the perils of heterogeneity in cross-country studies. Their empirical analyses, undertaken with newly constructed time series data for the United States and some core countries of the Euro zone, show that models containing scale effects, such as the R&D model and the human capital model, are compatible with time series evidence only after considerable modifications and nonlinearities are introduced. They also explore the relationship between growth and inequality, with particular focus on technological change and income disparity. The Forces of Economic Growth represents a comprehensive and up-to-date empirical time series perspective on the New Growth Theory.

In economics, the emergence of New Growth Theory in recent decades has directed attention to an old and important problem: what are the forces of economic growth and how can public policy enhance them? This book examines major forces of growth--including spillover effects and externalities, education and formation of human capital, knowledge creation through deliberate research efforts, and public infrastructure investment. Unique in emphasizing the importance of different forces for particular stages of development, it offers wide-ranging policy implications in the process.

The authors critically examine recently developed endogenous growth models, study the dynamic implications of modified models, and test the models empirically with modern time series methods that avoid the perils of heterogeneity in cross-country studies. Their empirical analyses, undertaken with newly constructed time series data for the United States and some core countries of the Euro zone, show that models containing scale effects, such as the R&D model and the human capital model, are compatible with time series evidence only after considerable modifications and nonlinearities are introduced. They also explore the relationship between growth and inequality, with particular focus on technological change and income disparity. "The Forces of Economic Growth" represents a comprehensive and up-to-date empirical time series perspective on the New Growth Theory.