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9780444520418

Handbook of Economic Growth

by ;
  • ISBN13:

    9780444520418

  • ISBN10:

    0444520414

  • Format: Hardcover
  • Copyright: 2005-12-21
  • Publisher: Elsevier Science
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Summary

The Handbooks in Economics series continues to provide the various branches of economics with handbooks which are definitive reference sources, suitable for use by professional researchers, advanced graduate students, or by those seeking a teaching supplement. The Handbook of Economic Growth, edited by Philippe Aghion and Steven Durlauf, with an introduction by Robert Solow, features in-depth, authoritative survey articles by the leading economists working on growth theory. Volume 1A, the first in this two volume set, covers theories of economic growth, the empirics of economic growth, and growth policies and mechanisms. Volume 1B, the second in this two volume set, covers technology, trade and geography, and growth and socio-economic development.

Table of Contents

Introduction to the Series v
Contents of the Handbook vii
Preface to the Handbook of Economic Growth xi
Introduction: Growth in Retrospect and Prospect
Reflections on Growth Theory
3(1)
Robert M. Solow
3(1)
Abstract
3(1)
Keywords
3(10)
PART I: THEORIES OF ECONOMIC GROWTH
Neoclassical Models of Endogenous Growth: The Effects of Fiscal Policy, Innovation and Fluctuations
13(54)
Larry E. Jones
Rodolfo E. Manuelli
Abstract
14(1)
Keywords
14(1)
Introduction
15(1)
Endogenous growth: Infinite lifetimes
16(16)
Growth and the Solow model
17(2)
A one sector model of equilibrium growth
19(2)
Fiscal policy and growth
21(6)
Innovation in the neoclassical model
27(5)
Fluctuations and growth
32(30)
Introduction
32(1)
Empirical evidence
32(7)
Theoretical models
39(1)
A simple linear endogenous growth model
39(10)
Physical and human capital
49(5)
The opportunity cost view
54(2)
More on government spending, taxation, and growth
56(3)
Quantitative effects
59(3)
Concluding comments
62(5)
Acknowledgements
63(1)
References
63(4)
Growth with Quality-Improving Innovations: An Integrated Framework
67(44)
Philippe Aghion
Peter Howitt
Abstract
68(1)
Keywords
68(1)
Introduction
69(1)
Basic framework
69(7)
A toy version of the Aghion-Howitt model
69(2)
A generalization
71(4)
Alternative formulations
75(1)
Comparative statics on growth
75(1)
Linking growth to development: convergence clubs
76(8)
A model of technology transfer
78(3)
World growth and distribution
81(1)
The role of financial development in convergence
81(3)
Concluding remark
84(1)
Linking growth to IO: innovate to escape competition
84(8)
The theory
86(3)
Empirical predictions
89(1)
Empirical evidence and relationship to literature
89(3)
A remark on inequality and growth
92(1)
Scale effects
92(6)
Theory
92(2)
Evidence
94(3)
Concluding remarks
97(1)
Linking growth to institutional change
98(8)
From Schumpeter to Gerschenkron
98(2)
A simple model of appropriate institutions
100(1)
Appropriate education systems
101(5)
Conclusion
106(5)
References
107(4)
Horizontal Innovation in the Theory of Growth and Development
111(60)
Gino Gancia
Fabrizio Zilibotti
Abstract
112(1)
Keywords
112(1)
Introduction
113(3)
Growth with expanding variety
116(8)
The benchmark model
116(4)
Two variations of the benchmark model: ``lab-equipment'' and ``labor-for intermediates''
120(2)
Limited patent protection
122(2)
Trade, growth and imitation
124(6)
Scale effects, economic integration and trade
124(3)
Innovation, imitation and product cycles
127(3)
Directed technical change
130(14)
Factor-biased innovation and wage inequality
131(5)
Appropriate technology and development
136(4)
Trade, inequality and appropriate technology
140(4)
Complementarity in innovation
144(6)
Financial development
150(7)
Endogenous fluctuations
157(9)
Deterministic cycles
158(4)
Learning and sunspots
162(4)
Conclusions
166(5)
Acknowledgements
166(1)
References
166(5)
From Stagnation to Growth: Unified Growth Theory
171(124)
Oded Galor
Abstract
172(1)
Keywords
173(1)
Introduction
174(4)
Historical evidence
178(41)
The Malthusian epoch
179(6)
The Post-Malthusian Regime
185(10)
The Sustained Growth Regime
195(23)
The great divergence
218(1)
The fundamental challenges
219(16)
Mysteries of the growth process
220(1)
The incompatibility of non-unified growth theories
221(3)
Theories of the demographic transition and their empirical assessment
224(11)
Unified growth theory
235(29)
From stagnation to growth
237(19)
Complementary theories
256(8)
Unified evolutionary growth theory
264(12)
Human evolution and economic development
264(2)
Natural selection and the origin of economic growth
266(7)
Complementary mechanisms
273(3)
Differential takeoffs and the great divergence
276(7)
Non-unified theories
277(2)
Unified theories
279(4)
Concluding remarks
283(12)
Acknowledgements
285(1)
References
285(10)
Poverty Traps
295(90)
Costas Azariadis
John Stachurski
Abstract
296(1)
Keywords
296(1)
Introduction
297(6)
Development facts
303(4)
Poverty and riches
303(1)
A brief history of economic development
304(3)
Models and definitions
307(23)
Neoclassical growth with diminishing returns
307(5)
Convex neoclassical growth and the data
312(5)
Poverty traps: historical self-reinforcement
317(9)
Poverty traps: inertial self-reinforcement
326(4)
Empirics of poverty traps
330(10)
Bimodality and convergence clubs
330(5)
Testing for existence
335(2)
Model calibration
337(2)
Microeconomic data
339(1)
Nonconvexities, complementarities and imperfect competition
340(10)
Increasing returns and imperfect competition
341(2)
The financial sector and coordination
343(3)
Matching
346(3)
Other studies of increasing returns
349(1)
Credit markets, insurance and risk
350(13)
Credit markets and human capital
351(4)
Risk
355(3)
Credit constraints and endogenous inequality
358(5)
Institutions and organizations
363(10)
Corruption and rent-seeking
364(3)
Kinship systems
367(6)
Other mechanisms
373(1)
Conclusions
373(12)
Lessons for economic policy
374(1)
Acknowledgements
375(1)
Appendix A
375(1)
Markov chains and ergodicity
375(3)
Remaining proofs
378(1)
References
379(6)
Institutions as a Fundamental Cause of Long-Run Growth
385(88)
Daron Acemoglu
Simon Johnson
James A. Robinson
Abstract
386(1)
Keywords
387(1)
Introduction
388(8)
The question
388(1)
The argument
389(7)
Outline
396(1)
Fundamental causes of income differences
396(6)
Three fundamental causes
397(5)
Institutions matter
402(5)
The Korean experiment
404(3)
The colonial experiment
407(1)
The Reversal of Fortune
407(14)
The reversal among the former colonies
408(4)
Timing of the reversal
412(1)
Interpreting the reversal
412(2)
Economic institutions and the reversal
414(2)
Understanding the colonial experience
416(1)
Settlements, mortality and development
417(4)
Why do institutions differ?
421(7)
The efficient institutions view -- the Political Coase Theorem
422(2)
The ideology view
424(1)
The incidental institutions view
425(2)
The social conflict view
427(1)
Sources of inefficiencies
428(11)
Hold-up
430(2)
Political losers
432(2)
Economic losers
434(2)
The inseparability of efficiency and distribution
436(1)
Comparative statics
437(1)
The colonial experience in light of the comparative statics
438(1)
Reassessment of the social conflict view
439(1)
The social conflict view in action
439(9)
Labor markets
440(1)
Financial markets
441(2)
Regulation of prices
443(2)
Political power and economic institutions
445(3)
A theory of institutions
448(4)
Sources of political power
448(1)
Political power and political institutions
449(2)
A theory of political institutions
451(1)
The theory in action
452(11)
Rise of constitutional monarchy and economic growth in early modern Europe
452(5)
Summary
457(1)
Rise of electoral democracy in Britain
458(4)
Summary
462(1)
Future avenues
463(10)
Acknowledgements
464(1)
References
464(9)
Growth Theory through the Lens of Development Economics
473(82)
Abhijit V. Banerjee
Esther Duflo
Abstract
474(1)
Keywords
474(1)
Introduction: neo-classical growth theory
475(4)
The aggregate production function
475(2)
The logic of convergence
477(2)
Rates of return and investment rates in poor countries
479(20)
Are returns higher in poor countries?
479(14)
Investment rates in poor countries
493(6)
Understanding rates of return and investment rates in poor countries: aggregative approaches
499(6)
Access to technology and the productivity gap
499(2)
Human capital externalities
501(2)
Coordination failure
503(1)
Taking stock
504(1)
Understanding rates of return and investment rates in poor countries: non-aggregative approaches
505(17)
Government failure
505(4)
The role of credit constraints
509(3)
Problems in the insurance markets
512(3)
Local externalities
515(3)
The family: incomplete contracts within and across generations
518(2)
Behavioral issues
520(2)
Calibrating the impact of the misallocation of capital
522(13)
A model with diminishing returns
523(4)
A model with fixed costs
527(8)
Towards a non-aggregative growth theory
535(20)
An illustration
535(3)
Can we take this model to the data?
538(4)
Where do we go from here?
542(2)
Acknowledgements
544(1)
References
544(11)
PART II: EMPIRICS OF ECONOMIC GROWTH
Growth Econometrics
555(124)
Steven N. Durlauf
Paul A. Johnson
Jonathan R.W. Temple
Abstract
556(1)
Keywords
557(1)
Introduction
558(3)
Stylized facts
561(15)
A long-run view
562(1)
Data after 1960
562(1)
Differences in levels of GDP per worker
563(2)
Growth miracles and disasters
565(2)
Convergence?
567(1)
The growth slowdown
567(1)
Does past growth predict future growth?
568(3)
Growth differences by development level and geographic region
571(2)
Stagnation and output volatility
573(2)
A summary of the stylized facts
575(1)
Cross-country growth regressions: from theory to empirics
576(6)
Growth dynamics: basic ideas
576(2)
Cross-country growth regressions
578(3)
Interpreting errors in growth regressions
581(1)
The convergence hypothesis
582(25)
Convergence and initial conditions
582(3)
β-convergence
585(7)
Distributional approaches to convergence
592(7)
Time series approaches to convergence
599(5)
Sources of convergence or divergence
604(3)
Statistical models of the growth process
607(17)
Specifying explanatory variables in growth regressions
608(8)
Parameter heterogeneity
616(3)
Nonlinearity and multiple regimes
619(5)
Econometric issues I: Alternative data structures
624(16)
Time series approaches
624(3)
Panel data
627(9)
Event study approaches
636(1)
Endogeneity and instrumental variables
637(3)
Econometric issues II: Data and error properties
640(5)
Outliers
641(1)
Measurement error
641(1)
Missing data
642(1)
Heteroskedasticity
643(1)
Cross-section error correlation
643(2)
Conclusions: The future of growth econometrics
645(34)
Acknowledgements
651(1)
Appendix A: Data
651(1)
Key to the 102 countries
651(1)
Extrapolation
652(1)
Appendix B: Variables in cross-country growth regressions
652(8)
Appendix C: Instrumental variables for Solow growth determinants
660(1)
Appendix D: Instrumental variables for non-Solow growth determinants
661(2)
References
663(16)
Accounting for Cross-Country Income Differences
679(64)
Francesco Caselli
Abstract
680(1)
Introduction
681(2)
The measure of our ignorance
683(7)
Basic data
685(1)
Basic measures of success
686(2)
Alternative measures used in the literature
688(1)
Sub-samples
689(1)
Robustness: basic stuff
690(8)
Depreciation rate
690(1)
Initial capital stock
691(2)
Education-wage profile
693(1)
Years of education 1
694(1)
Years of education 2
694(1)
Hours worked
695(1)
Capital share
696(2)
Quality of human capital
698(13)
Quality of schooling: Inputs
698(5)
Quality of schooling: test scores
703(3)
Experience
706(2)
Health
708(2)
Social vs. private returns to schooling and health
710(1)
Quality of physical capital
711(6)
Composition
711(4)
Vintage effects
715(1)
Further problems with K
716(1)
Sectorial differences in TFP
717(10)
Industry studies
718(1)
The role of agriculture
719(5)
Sectorial composition and development accounting
724(3)
Non-neutral differences in technology
727(10)
Basic concepts and qualitative results
727(7)
Development accounting with non-neutral differences
734(3)
Conclusions
737(6)
Acknowledgements
738(1)
References
738(5)
Accounting for Growth in the Information Age
743(74)
Dale W. Jorgenson
Abstract
744(1)
Keywords
745(1)
The information age
746(10)
Introduction
746(1)
Faster, better, cheaper
747(8)
Impact of information technology
755(1)
Aggregate growth accounting
756(28)
The role of information technology
756(9)
The American growth resurgence
765(14)
Demise of traditional growth accounting
779(5)
International comparisons
784(22)
Introduction
784(3)
Investment and total factor productivity
787(9)
Investment in information technology
796(7)
Alternative approaches
803(2)
Conclusions
805(1)
Economics on internet time
806(11)
Acknowledgements
807(1)
References
808(7)
Further reading
815(2)
Externalities and Growth
817(48)
Peter J. Klenow
Andres Rodriguez-Clare
Abstract
818(1)
Keywords
818(1)
Introduction
819(1)
A brief guide to externalities in growth models
819(6)
Models with knowledge externalities
820(1)
Models with knowledge externalities and new-good externalities
821(1)
Models with new-good externalities
822(1)
Models with no externalities
823(2)
Cross-country evidence
825(10)
The world-wide growth slowdown
825(2)
Beta convergence in the OECD
827(2)
Low persistence of growth rate differences
829(2)
Investment rates and growth vs. levels
831(2)
R&D and TFP
833(2)
Models with common growth driven by international knowledge spillovers
835(21)
R&D investment and relative productivity
836(3)
Modeling growth in the world technology frontier
839(4)
Determinants of R&D investment
843(2)
Calibration
845(9)
The benefits of engagement
854(2)
Discussion of main results
856(1)
Conclusion
856(9)
Acknowledgements
857(1)
Appendix A
857(1)
Comparative statics
858(1)
References
859(6)
PART III: GROWTH POLICIES AND MECHANISMS
Finance and Growth: Theory and Evidence
865(70)
Ross Levine
Abstract
866(1)
Keywords
866(1)
Introduction
867(2)
Financial development and economic growth: Theory
869(19)
What is financial development?
869(1)
Producing information and allocating capital
870(2)
Monitoring firms and exerting corporate governance
872(3)
Risk amelioration
875(4)
Pooling of savings
879(1)
Easing exchange
880(1)
The theoretical case for a bank-based system
881(2)
The theoretical case for a market-based system
883(3)
Countervailing views to bank-based vs. market-based debate
886(1)
Finance, income distribution, and poverty
887(1)
Evidence on finance and growth
888(33)
Cross-country studies of finance and growth
889(10)
Panel, time-series, and case-studies of finance and growth
899(11)
Industry and firm level studies of finance and growth
910(8)
Are bank- or market-based systems better? Evidence
918(2)
Finance, income distribution, and poverty alleviation: evidence
920(1)
Conclusions
921(14)
Acknowledgements
923(1)
References
923(12)
Human Capital and Technology Diffusion
935(32)
Jess Benhabib
Mark M. Spiegel
Abstract
936(1)
Keywords
936(1)
Introduction
937(3)
Variations on the Nelson-Phelps model
940(4)
Some microfoundations based on the diffusion model of Barro and Sala-i-Martin
944(2)
A nested specification
946(2)
Empirical evidence
948(11)
Measurement of total factor productivity
948(5)
Model specification
953(1)
Results
954(5)
Model prediction
959(5)
Model forecasting
959(1)
Negative catch-up countries
960(4)
Conclusion
964(3)
References
965(2)
Growth Strategies
967(48)
Dani Rodrik
Abstract
968(1)
Keywords
968(1)
Introduction
969(4)
What we know that (possibly) ain't so
973(5)
The indeterminate mapping from economic principles to institutional arrangements
978(11)
Back to the real world
989(8)
In practice, growth spurts are associated with a narrow range of policy reforms
989(4)
The policy reforms that are associated with these growth transitions typically combine elements of orthodoxy with unorthodox institutional practices
993(1)
Institutional innovations do not travel well
994(2)
Sustaining growth is more difficult than igniting it, and requires more extensive institutional reform
996(1)
A two-pronged growth strategy
997(12)
An investment strategy to kick-start growth
998(7)
An institution building strategy to sustain growth
1005(4)
Concluding remarks
1009(6)
Acknowledgements
1010(1)
References
1010(5)
National Policies and Economic Growth: A Reappraisal
1015
William Easterly
Abstract
1016(1)
Keywords
1016(1)
Theoretical models that predict strong policy effects
1017(9)
Models that predict small policy effects on growth
1026(6)
Empirics
1032(1)
Some empirical caveats
1033(3)
New empirical work
1036(14)
Policy episodes and transition paths
1050(4)
Institutions versus policies
1054(2)
Conclusions
1056
References
1056
Author Index 1(36)
Subject Index 37

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