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Growth theory provides a rich and versatile analytical framework
through which fundamental questions about economic development can
be examined. This book is an introduction to the newer features of
growth theory that are particularly useful in examining the issues
of economic development. Structural transformation, in which
developing countries transition from traditional production in
largely rural areas to modern production in largely urban areas, is
an important causal force in creating early economic growth, and as
such, is made central in this approach. Towards this end, the
authors augment the Solow model to include endogenous theories of
saving, fertility, human capital, institutional arrangements, and
policy formation, creating a single two-sector model of structural
transformation. Based on applied research and practical experiences
in macroeconomic development, the model in this book presents a
more rigorous, quantifiable, and explicitly dynamic dual economy
approach to development. Common microeconomic foundations and
notation are used throughout, with each chapter building on the
previous material in a continuous flow. With its single model and
focus on data and policy analysis, this text is intended for
beginning graduate students and policy makers interested in
economic development.
This textbook examines corruption through a macroeconomic lens,
exploring the relationship between corruption, fiscal policy, and
political economy. The book merges macroeconomic growth models with
elements of political economic theory to address important applied
topics such as income inequality within and across countries,
growth slowdowns, and fiscal crises. Most of the basic ideas are
illustrated using a two-period model of government investment that
captures the future cost of policies that favor the present
(Chapters 2-3). The more subtle and advanced issues are illustrated
and, in some cases, quantified, using the overlapping-generations
model of economic growth (Chapters 4-6). The models used to
illustrate the mechanisms of economic growth are extended to
incorporate politics and the behavior of public officials (Chapters
3, 5-7). The text concludes with a thorough discussion of policy
reforms designed to address the issues discussed in earlier
chapters. Intended for students familiar with intermediate-level
economics, the book contains a technical appendix, including
detailed explanations of each model, end-of-chapter questions and
problems, and a complete solutions manual, making it ideal for
self-study. Offering a unified explanation for the causes and
consequences of government failure, fiscal crisis, and the needed
policy reforms, this text is appropriate for advanced undergraduate
and beginning graduate courses in macroeconomics, political
economy, and public policy.
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