Economic growth: a unified approach
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge [u.a.]
Cambridge Univ. Press
2009
|
| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIII, 361 S. graph. Darst. |
| ISBN: | 9780521898010 9780521725200 0521898013 0521725208 |
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| adam_text | CONTENTS
Introduction page x
PART I POSITIVE GROWTH THEORY
1
The welfare of society and economic growth
3
1
Income as a measure of economic activity
3
2
Is income per person a fair gauge of society s welfare?
12
3
A major caveat
15
2
The growth process
29
1
The growth process: an intuitive approach
29
2
A more precise approach: a simple model of economic growth
31
3
Introducing technical progress
54
3
A production function of central importance
74
1
Motivation
74
2
The links between the elasticity of substitution and income distribution
82
3
Determining the constant elasticity of substitution production function
83
4
The
CES
production function as a general mean
90
1
The concept of the general mean of order p, and its fundamental properties
92
2
Applications to the
CES
production function
94
3
The qualitative behaviour of the
CES
function as
σ
changes
97
5
Capital-labour substitution and economic growth (in collaboration
with Robert M. Solow)
114
1
Further analytics of the
CES
function in a growth model
115
2
The elasticity of substitution at work
129
3
Introducing technical progress
133
4
Time-series and cross-section estimates
145
5
The broader significance of the elasticity of substitution in the context of
economic growth
152
6
The long-term growth rate as a random variable, with an application
to the US economy
156
1
From daily to yearly growth rates
158
2
The first moments of the long-term yearly growth rate
163
3
Application to the long-term growth rates of the US economy
169
vu
viii Contents
PART II OPTIMAL GROWTH THEORY
7
Optimal growth theory: an introduction to the calculus of variations
177
1
The
Euler
equation
178
2
Fundamental properties of the
Euler
equation
183
3
An important particular case
184
4
A necessary and sufficient condition for y(x) to maximize the functional
f^F(x,y,y )dx
184
8
Other major tools for optimal growth theory: the Pontryagin
maximum principle and the Dorfmanian
199
1
The maximum principle in its simplest form
200
2
The relationship between the Pontryagin maximum principle and the
calculus of variations
201
3
An economic derivation of the maximum principle
202
4
First application: deriving the
Euler
equation from economic reasoning
205
5
Further applications: deriving high-order equations of the calculus of
variations
206
9
First applications to optimal growth
210
1
The mainstream problem of optimal growth: a simplified presentation
211
2
The calculus of variations approach
211
3
The Pontryagin maximum principle approach
216
4
Optimal paths
218
10
Optimal growth and the optimal savings rate
233
1
The central model of optimal growth theory
234
2
The consequences of using power utility functions
236
3
The consequences of using exponential utility functions
249
PART III A UNIFIED APPROACH
11
Preliminaries: interest rates and capital valuation
263
1
The reason for the existence of interest rates
264
2
The various types of interest rates and their fundamental properties
266
3
Applications to the model of economic growth
282
12
From arbitrage to equilibrium
293
1
The case of risk-free transactions
293
2
Introducing uncertainty and a risk premium
298
13
Optimal savings: a general approach
301
1
Competitive equilibrium and its resulting savings rate
302
2
The optimal savings rate: derivation from optimal growth
303
3
A geometric construction of the optimal savings rate
308
4
Values of the optimal savings rate and its sensitivity to parameter changes
309
5
Estimating the risk premium of the economy
311
6
Growth in disequilibrium
312
7
Consequences for our future
312
8
Conclusion
319
Contents ix
14 Problems in
growth: common traits between planned economies and
poor countries
323
1
The consequences of planning
324
2
Common traits of centrally planned economies and poor countries
329
15
From Ibn Khaldun to Adam Smith, and a proof of Smith s conjecture
332
1
Ibn Khaldun s message
333
2
Two illustrations
340
3
A proof of Smith s conjecture
345
In conclusion: on the convergence of ideas and values through
civilizations
349
Further reading, data on growth and references
351
Index
356
|
| adam_txt |
CONTENTS
Introduction page x
PART I POSITIVE GROWTH THEORY
1
The welfare of society and economic growth
3
1
Income as a measure of economic activity
3
2
Is income per person a fair gauge of society's welfare?
12
3
A major caveat
15
2
The growth process
29
1
The growth process: an intuitive approach
29
2
A more precise approach: a simple model of economic growth
31
3
Introducing technical progress
54
3
A production function of central importance
74
1
Motivation
74
2
The links between the elasticity of substitution and income distribution
82
3
Determining the constant elasticity of substitution production function
83
4
The
CES
production function as a general mean
90
1
The concept of the general mean of order p, and its fundamental properties
92
2
Applications to the
CES
production function
94
3
The qualitative behaviour of the
CES
function as
σ
changes
97
5
Capital-labour substitution and economic growth (in collaboration
with Robert M. Solow)
114
1
Further analytics of the
CES
function in a growth model
115
2
The elasticity of substitution at work
129
3
Introducing technical progress
133
4
Time-series and cross-section estimates
145
5
The broader significance of the elasticity of substitution in the context of
economic growth
152
6
The long-term growth rate as a random variable, with an application
to the US economy
156
1
From daily to yearly growth rates
158
2
The first moments of the long-term yearly growth rate
163
3
Application to the long-term growth rates of the US economy
169
vu
viii Contents
PART II OPTIMAL GROWTH THEORY
7
Optimal growth theory: an introduction to the calculus of variations
177
1
The
Euler
equation
178
2
Fundamental properties of the
Euler
equation
183
3
An important particular case
184
4
A necessary and sufficient condition for y(x) to maximize the functional
f^F(x,y,y')dx
184
8
Other major tools for optimal growth theory: the Pontryagin
maximum principle and the Dorfmanian
199
1
The maximum principle in its simplest form
200
2
The relationship between the Pontryagin maximum principle and the
calculus of variations
201
3
An economic derivation of the maximum principle
202
4
First application: deriving the
Euler
equation from economic reasoning
205
5
Further applications: deriving high-order equations of the calculus of
variations
206
9
First applications to optimal growth
210
1
The mainstream problem of optimal growth: a simplified presentation
211
2
The calculus of variations approach
211
3
The Pontryagin maximum principle approach
216
4
Optimal paths
218
10
Optimal growth and the optimal savings rate
233
1
The central model of optimal growth theory
234
2
The consequences of using power utility functions
236
3
The consequences of using exponential utility functions
249
PART III A UNIFIED APPROACH
11
Preliminaries: interest rates and capital valuation
263
1
The reason for the existence of interest rates
264
2
The various types of interest rates and their fundamental properties
266
3
Applications to the model of economic growth
282
12
From arbitrage to equilibrium
293
1
The case of risk-free transactions
293
2
Introducing uncertainty and a risk premium
298
13
Optimal savings: a general approach
301
1
Competitive equilibrium and its resulting savings rate
302
2
The optimal savings rate: derivation from optimal growth
303
3
A geometric construction of the optimal savings rate
308
4
Values of the optimal savings rate and its sensitivity to parameter changes
309
5
Estimating the risk premium of the economy
311
6
Growth in disequilibrium
312
7
Consequences for our future
312
8
Conclusion
319
Contents ix
14 Problems in
growth: common traits between planned economies and
poor countries
323
1
The consequences of planning
324
2
Common traits of centrally planned economies and poor countries
329
15
From Ibn Khaldun to Adam Smith, and a proof of Smith's conjecture
332
1
Ibn Khaldun's message
333
2
Two illustrations
340
3
A proof of Smith's conjecture
345
In conclusion: on the convergence of ideas and values through
civilizations
349
Further reading, data on growth and references
351
Index
356 |
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| spelling | La Grandville, Olivier de Verfasser (DE-588)131896784 aut Economic growth a unified approach Olivier de La Grandville 1. publ. Cambridge [u.a.] Cambridge Univ. Press 2009 XIII, 361 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Economische groei gtt Wiskundige modellen gtt Mathematisches Modell Wirtschaft Wirtschaftsentwicklung Economic development Economics Mathematical models Wachstumstheorie (DE-588)4128160-3 gnd rswk-swf Wachstumstheorie (DE-588)4128160-3 s DE-604 Digitalisierung UB Bamberg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016727152&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | La Grandville, Olivier de Economic growth a unified approach Economische groei gtt Wiskundige modellen gtt Mathematisches Modell Wirtschaft Wirtschaftsentwicklung Economic development Economics Mathematical models Wachstumstheorie (DE-588)4128160-3 gnd |
| subject_GND | (DE-588)4128160-3 |
| title | Economic growth a unified approach |
| title_auth | Economic growth a unified approach |
| title_exact_search | Economic growth a unified approach |
| title_exact_search_txtP | Economic growth a unified approach |
| title_full | Economic growth a unified approach Olivier de La Grandville |
| title_fullStr | Economic growth a unified approach Olivier de La Grandville |
| title_full_unstemmed | Economic growth a unified approach Olivier de La Grandville |
| title_short | Economic growth |
| title_sort | economic growth a unified approach |
| title_sub | a unified approach |
| topic | Economische groei gtt Wiskundige modellen gtt Mathematisches Modell Wirtschaft Wirtschaftsentwicklung Economic development Economics Mathematical models Wachstumstheorie (DE-588)4128160-3 gnd |
| topic_facet | Economische groei Wiskundige modellen Mathematisches Modell Wirtschaft Wirtschaftsentwicklung Economic development Economics Mathematical models Wachstumstheorie |
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