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This text is an introduction to the newer features of growth theory
that are particularly useful in examining the issues of economic
development. Growth theory provides a rich and versatile analytical
framework through which fundamental questions about economic
development can be examined. 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. Revised and updated to
include more exercises for guided self study, as well as a
technical appendix covering required mathematical topics beyond
calculus, the second edition is appropriate for both upper
undergraduate and graduate students studying development economics
and macroeconomics.
This text is an introduction to the newer features of growth theory
that are particularly useful in examining the issues of economic
development. Growth theory provides a rich and versatile analytical
framework through which fundamental questions about economic
development can be examined. 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. Revised and updated to
include more exercises for guided self study, as well as a
technical appendix covering required mathematical topics beyond
calculus, the second edition is appropriate for both upper
undergraduate and graduate students studying development economics
and macroeconomics.
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.
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