The economics of growth:
Gespeichert in:
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Cambridge, Massachusetts ; London, England
The MIT Press
[2009]
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| Beschreibung: | xxii, 495 Seiten Diagramme |
| ISBN: | 9780262012638 9780262553100 |
Internformat
MARC
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| 100 | 1 | |a Aghion, Philippe |d 1956- |e Verfasser |0 (DE-588)124546706 |4 aut | |
| 245 | 1 | 0 | |a The economics of growth |c Philippe Aghion and Peter Howitt ; with the collaboration of Leonardo Bursztyn |
| 264 | 1 | |a Cambridge, Massachusetts ; London, England |b The MIT Press |c [2009] | |
| 264 | 4 | |c © 2009 | |
| 300 | |a xxii, 495 Seiten |b Diagramme | ||
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| 337 | |b n |2 rdamedia | ||
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| 650 | 4 | |a Wirtschaftsentwicklung | |
| 650 | 4 | |a Economic development | |
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Datensatz im Suchindex
| _version_ | 1827125715724664832 |
|---|---|
| adam_text |
Contents
Preface
xvii
Why This Book?
xvii
For Whom?
xviii
Outline of the Book
xix
Acknowledgments
xxi
Introduction
1
1.1 Why Study Economic Growth?
1
1.2
Some Facts and Puzzles
1
1.2.1
Growth and Poverty Reduction
1
1.2.2
Convergence
2
1.2.3
Growth and Inequality
4
1.2.4
The Transition from Stagnation to Growth
5
1.2.5
Finance and Growth
5
1.3
Growth Policies
6
1.3.1
Competition and Entry
7
1.3.2
Education and Distance to Frontier
8
1.3.3
Macroeconomic
Policy and Growth
10
1.3.4
Trade and Growth
10
1.3.5
Democracy and Growth
11
1.4
Four Growth Paradigms
12
1.4.1
The Neoclassical Growth Model
12
1.4.2
The AK Model
13
1.4.3
The Product-Variety Model
14
1.4.4
The Schumpeterian Model
15
PART I: BASIC PARADIGMS OF GROWTH THEORY
19
1
Neoclassical Growth Theory
21
1.1
Introduction
21
1.2
The Solow-Swan Model
21
1.2.1
Population Growth
24
1.2.2
Exogenous Technological Change
27
1.2.3
Conditional Convergence
29
1.3
Extension: The Cass-Koopmans-Ramsey Model
31
1.3.1
No Technological Progress
31
viii Contents
1.3.2
Exogenous Technological
Change
37
1.4
Conclusion
39
1.5
Literature Notes
39
Appendix 1A: Steady State and Convergence in the
Cass-Koopmans-Ramsey Model
40
Appendix IB: Dynamic Optimization Using the Hamiltonian
43
Problems
45
2
The AK Model
47
2.1
Introduction
47
2.1.1
The Harrod-Domar Model
48
2.2
A Neoclassical Version of Harrod-Domar
49
2.2.1
Basic Setup
49
2.2.2
Three Cases
51
2.3
An AK Model with
Intertemporal
Utility Maximization
52
2.3.1
The Setup
53
2.3.2
Long-Run Growth
54
2.3.3
Welfare
55
2.3.4
Concluding Remarks
55
2.4
The Debate between Neoclassical and AK Advocates, in a
Nutshell
56
2.5
An Open-Economy AK Model with Convergence
60
2.5.1
A Two-Sector Closed Economy
61
2.5.2
Opening up the Economy with Fixed Terms of Trade
62
2.5.3
Closing the Model with a Two-Country Analysis
64
2.5.4
Concluding Comment
66
2.6
Conclusion
66
2.7
Literature Notes
67
Problems
67
3
Product Variety
69
3.1
Introduction
69
3.2
Endogenizing Technological Change
69
3.2.1
A Simple Variant of the Product-Variety Model
70
3.2.2
The
Romer
Model with Labor as R&D Input
74
3.3
From Theory to Evidence
77
3.3.1
Estimating the Effect of Variety on Productivity
77
Contents
3.3.2
The Importance of Exit in the Growth Process
79
3.4
Conclusion
80
3.5
Literature Notes
81
Problems
82
4
The Schumpeterian Model
85
4.1
Introduction
85
4.2
A One-Sector Model
85
4.2.1
The Basics
85
4.2.2
Production and Profits
86
4.2.3
Innovation
87
4.2.4
Research Arbitrage
88
4.2.5
Growth
89
4.2.6
A Variant with Nondrastic Innovations
90
4.2.7
Comparative Statics
91
4.3
A Multisector Model
92
4.3.1
Production and Profit
92
4.3.2
Innovation and Research Arbitrage
94
4.3.3
Growth
95
4.4
Scale Effects
96
4.5
Conclusion
99
4.6
Literature Notes
100
Problems
101
5
Capital, Innovation, and Growth Accounting
105
5.1
Introduction
105
5.2
Measuring the Growth of Total Factor Productivity
106
5.2.1
Empirical Results
107
5.3
Some Problems with Growth Accounting
109
5.3.1
Problems in Measuring Capital, and the Tyranny of Numbers
109
5.3.2
Accounting versus Causation
112
5.4
Capital Accumulation and Innovation
113
5.4.1
The Basics
114
5.4.2
Innovation and Growth
116
5.4.3
Steady-State Capital and Growth
116
5.4.4
Implications for Growth Accounting
118
Contents
5.5
Conclusion
119
5.6
Literature
Notes 119
Appendix: Transitional Dynamics
120
Problems
121
PART II: UNDERSTANDING THE GROWTH PROCESS
127
6
Finance and Growth
129
6.1
Introduction
129
6.2
Innovation and Growth with Financial Constraints
130
6.2.1
Basic Setup
130
6.2.2
Innovation Technology and Growth without Credit Constraint
132
6.2.3
Credit Constraints: A Model with Ex Ante Screening
132
6.2.4
A Model with Ex Post Monitoring and Moral Hazard
134
6.3
Credit Constraints, Wealth Inequality, and Growth
136
6.3.1
Diminishing Marginal Product of Capital
136
6.3.2
Productivity Differences
139
6.4
The Empirical Findings: Levine's Survey, in a Nutshell
142
6.4.1 Cross-Country 143
6.4.2
Cross-Industry
145
6.5
Conclusion
147
6.6
Literature Notes
147
Problems
148
7
Technology Transfer and
Cross-Country
Convergence
151
7.1
Introduction
151
7.2
A Model of Club Convergence
152
7.2.1
Basics
152
7.2.2
Innovation
153
7.2.3
Productivity and Distance to Frontier
154
7.2.4
Convergence and Divergence
156
7.3
Credit Constraints as a Source of Divergence
158
7.3.1
Theory
159
7.3.2
Evidence
161
7.4
Conclusion
163
7.5
Literature Notes
165
Problems
166
Contents xi
8 Market
Size and Directed Technical Change
169
8.1
Introduction
169
8.2
Market Size in Drags
169
8.2.1
Theory
169
8.2.2
Evidence
171
8.3
Wage Inequality
173
8.3.1
The Debate
174
8.3.2
The Market-Size Explanation
176
8.4
Appropriate Technology and Productivity Differences
182
8.4.1
Basic Setup
182
8.4.2
Equilibrium Output and Profits
183
8.4.3
Skill-Biased Technical Change
184
8.4.4
Explaining Cross-Country Productivity Differences
185
8.5
Conclusion
186
8.6
Literature Notes
187
Problems
188
9
General-Purpose Technologies
193
9.1
Introduction
193
9.2
Explaining Productivity Slowdowns
196
9.2.1
General-Purpose Technologies in the Neoclassical Model
196
9.2.2
Schumpeterian Waves
198
9.3
GPT and Wage Inequality
204
9.3.1
Explaining the Increase in the Skill Premium
204
9.3.2
Explaining the Increase in Within-Group Inequality
206
9.4
Conclusion
210
9.5
Literature Notes
211
Problems
212
10
Stages of Growth
217
10.1
Introduction
217
10.2
From Stagnation to Growth
217
10.2.1
Malthusian Stagnation
217
10.2.2
The Transition to Growth
222
10.2.3
Commentary
224
10.3
From Capital Accumulation to Innovation
226
10.3.1
Human-Capital Accumulation
226
Contents
10.3.2
Physical-Capital Accumulation
227
10.4
From Manufacturing to Services
230
10.5
Conclusion
232
10.6
Literature Notes
232
Problems
233
11
Institutions and Nonconvergence Traps
237
11.1
Introduction
237
11.2
Do Institutions Matter?
238
11.2.1
Legal Origins
239
11.2.2
Colonial Origins
240
11.3
Appropriate Institutions and Nonconvergence Traps
243
11.3.1
Some Motivating Facts
243
11.3.2
A Simple Model of Distance to Frontier and Appropriate
Institutions
246
11.4
Conclusion
258
11.5
Literature Notes
261
Problems
263
PART
Ш:
GROWTH POLICY
265
12
Fostering Competition and Entry
267
12.1
Introduction
267
12.2
From Leapfrogging to Step-by-Step Technological Progress
267
12.2.1
Basic Environment
268
12.2.2
Technology and Innovation
269
12.2.3
Equilibrium Profits and Competition in Level and
Unlevel Sectors
269
12.2.4
The Schumpeterian and "Escape-Competition" Effects
271
12.2.5
Composition Effect and the Inverted
U
272
12.2.6
Empirical Evidence
274
12.3
Entry
274
12.3.1
The Environment
276
12.3.2
Technology and Entry
276
12.3.3
Equilibrium Innovation Investments
277
12.3.4
The Effect of Labor Market Regulations
278
12.3.5
Main Theoretical Predictions
279
Contents
12.3.6
Evidence on
the Growth Effects of Entry
279
12.3.7
Evidence on the Effects of (De)Regulating Entry
280
12.4
Conclusion
281
12.5
Literature Notes
282
Problems
283
13
Investing in Education
287
13.1
Introduction
287
13.2
The Capital Accumulation Approach
288
13.2.1
Back to Mankiw,
Romer,
and Weil
288
13.2.2
Lucas
292
13.2.3
Threshold Effects and Low-Development Traps
295
13.3
Nelson and Phelps and the Schumpeterian Approach
297
13.3.1
The Nelson and Phelps Approach
297
13.3.2
Low-Development Traps Caused by the Complementarity
between R&D and Education Investments
300
13.4
Schumpeter Meets Gerschenkron
302
13.4.1
A Model of Distance to Frontier and the Composition of
Education Spending
302
13.4.2 Cross-Country
and Cross-U.S.-State Evidence
307
13.5
Conclusion
311
13.6
Literature Notes
312
Problems
314
14
Reducing Volatility and Risk
319
14.1
Introduction
319
14.2
The AK Approach
321
14.2.1
The Jones, Manuelli, and
Stacchetti
Model
321
14.2.2
Counterfactuals
324
14.3
Short-versus
Long-Term
Investments
326
14.3.1
The Argument
326
14.3.2
Motivating Evidence
327
14.3.3
The AABM Model
329
14.3.4
Confronting the Credit Constraints Story with Evidence
339
14.3.5
An Alternative Explanation for the Procyclicality of R&D
340
14.4
Risk Diversification, Financial Development, and Growth
341
14.4.1
Basic Framework
341
Contents
14.4.2
Analysis
343
14.4.3
Equilibrium Dynamics
345
14.5
Conclusion
347
14.6
Literature Notes
348
Problems
349
15
Liberalizing Trade
353
15.1
Introduction
353
15.2
Preliminary: Back to the Multisector Closed-Economy Model
355
15.2.1
Production and National Income
355
15.2.2
Innovation
357
15.3
Opening Up to Trade, Abstracting from Innovation
358
15.3.1
The Experiment
358
15.3.2
The Effects of Openness on National Income
360
15.4
The Effects of Openness on Innovation and Long-Run Growth
363
15.4.1
Step-by-Step Innovation
363
15.4.2
Three Cases
364
15.4.3
Equilibrium Innovation and Growth
365
15.4.4
Scale and Escape Entry
365
15.4.5
The Discouragement Effect of Foreign Entry
366
15.4.6
Steady-State Aggregate Growth
367
15.4.7
How Trade Can Enhance Growth in All Countries
368
15.4.8
How Trade Can Reduce Growth in One Country
369
15.5
Conclusion
371
15.6
Literature Notes
372
Problems
374
16
Preserving the Environment
377
16.1
Introduction
377
16.2
The One-Sector AK Model with an Exhaustible Resource
377
16.3
Schumpeterian Growth with an Exhaustible Resource
379
16.4
Environment and Directed Technical Change
381
16.4.1
Basic Setup
381
16.4.2
Equilibrium Outputs and Profits
382
16.4.3
Taxing Dirty Production
384
16.4.4
Equilibrium Innovation
385
16.4.5
Growth and the Cost of Taxing Dirty Output
387
Contents
16.4.6
Evidence
of Directed Technical Change Effects in
the Energy Sector
389
16.4.7
Concluding Remarks
390
16.5
Literature Notes
391
Appendix: Optimal Schumpeterian Growth with an Exhaustible
Resource
392
Problems
395
17
Promoting Democracy
399
17.1
Introduction
399
17.2
Democracy, Income, and Growth in Existing Regressions
399
17.2.1
Irrelevance Results When Controlling for Country
Fixed Effects
400
17.2.2
No Apparent Correlation between Democracy and
Public Policy
400
17.3
Democracy, Entry, and Growth: A Simple Model
401
17.3.1
Production and Profits
402
17.3.2
Entry and Incumbent Innovation
402
17.3.3
Politics and the Equilibrium Probability of Entry
405
17.3.4
Main Prediction
407
17.4
Evidence on the Relationship between Democracy, Growth,
and Technological Development
407
17.4.1
Data and Regression Equation
407
17.4.2
Basic Results
408
17.5
Democracy, Inequality, and Growth
410
17.5.1
The Model
410
17.5.2
Solving the Model
411
17.5.3
Discussion
413
17.6
Conclusion
414
17.7
Literature Notes
414
Problems
415
CONCLUSION
417
18
Looking Ahead: Culture and Development
419
18.1
What We Have Learned, in a Nutshell
419
18.2
Culture and Growth
420
Contents
18.2.1 Regulation and Trust 422
18.2.2
Investing in Children's
Patience 425
18.3
Growth and
Development 429
18.3.1
Growth through the Lens of Development Economics
429
18.3.2
The Case for Targeted Growth Policy
434
18.4
Conclusion
439
Appendix: Solving the Doepke-Zilibotti Model
441
Appendix: Basic Elements of Econometrics
443
A.I The Simple Regression Model
443
A.2 The Ordinary Least Squares Estimator
444
A.3 Multiple Regression Analysis
446
A.4 Inference and Hypothesis Testing
447
A.5 How to Deal with the Endogeneity Problem
449
A.6 Fixed-Effects Regressions
452
A.7 Reading a Regression Table
453
References
457
Index
477 |
| adam_txt |
Contents
Preface
xvii
Why This Book?
xvii
For Whom?
xviii
Outline of the Book
xix
Acknowledgments
xxi
Introduction
1
1.1 Why Study Economic Growth?
1
1.2
Some Facts and Puzzles
1
1.2.1
Growth and Poverty Reduction
1
1.2.2
Convergence
2
1.2.3
Growth and Inequality
4
1.2.4
The Transition from Stagnation to Growth
5
1.2.5
Finance and Growth
5
1.3
Growth Policies
6
1.3.1
Competition and Entry
7
1.3.2
Education and Distance to Frontier
8
1.3.3
Macroeconomic
Policy and Growth
10
1.3.4
Trade and Growth
10
1.3.5
Democracy and Growth
11
1.4
Four Growth Paradigms
12
1.4.1
The Neoclassical Growth Model
12
1.4.2
The AK Model
13
1.4.3
The Product-Variety Model
14
1.4.4
The Schumpeterian Model
15
PART I: BASIC PARADIGMS OF GROWTH THEORY
19
1
Neoclassical Growth Theory
21
1.1
Introduction
21
1.2
The Solow-Swan Model
21
1.2.1
Population Growth
24
1.2.2
Exogenous Technological Change
27
1.2.3
Conditional Convergence
29
1.3
Extension: The Cass-Koopmans-Ramsey Model
31
1.3.1
No Technological Progress
31
viii Contents
1.3.2
Exogenous Technological
Change
37
1.4
Conclusion
39
1.5
Literature Notes
39
Appendix 1A: Steady State and Convergence in the
Cass-Koopmans-Ramsey Model
40
Appendix IB: Dynamic Optimization Using the Hamiltonian
43
Problems
45
2
The AK Model
47
2.1
Introduction
47
2.1.1
The Harrod-Domar Model
48
2.2
A Neoclassical Version of Harrod-Domar
49
2.2.1
Basic Setup
49
2.2.2
Three Cases
51
2.3
An AK Model with
Intertemporal
Utility Maximization
52
2.3.1
The Setup
53
2.3.2
Long-Run Growth
54
2.3.3
Welfare
55
2.3.4
Concluding Remarks
55
2.4
The Debate between Neoclassical and AK Advocates, in a
Nutshell
56
2.5
An Open-Economy AK Model with Convergence
60
2.5.1
A Two-Sector Closed Economy
61
2.5.2
Opening up the Economy with Fixed Terms of Trade
62
2.5.3
Closing the Model with a Two-Country Analysis
64
2.5.4
Concluding Comment
66
2.6
Conclusion
66
2.7
Literature Notes
67
Problems
67
3
Product Variety
69
3.1
Introduction
69
3.2
Endogenizing Technological Change
69
3.2.1
A Simple Variant of the Product-Variety Model
70
3.2.2
The
Romer
Model with Labor as R&D Input
74
3.3
From Theory to Evidence
77
3.3.1
Estimating the Effect of Variety on Productivity
77
Contents
3.3.2
The Importance of Exit in the Growth Process
79
3.4
Conclusion
80
3.5
Literature Notes
81
Problems
82
4
The Schumpeterian Model
85
4.1
Introduction
85
4.2
A One-Sector Model
85
4.2.1
The Basics
85
4.2.2
Production and Profits
86
4.2.3
Innovation
87
4.2.4
Research Arbitrage
88
4.2.5
Growth
89
4.2.6
A Variant with Nondrastic Innovations
90
4.2.7
Comparative Statics
91
4.3
A Multisector Model
92
4.3.1
Production and Profit
92
4.3.2
Innovation and Research Arbitrage
94
4.3.3
Growth
95
4.4
Scale Effects
96
4.5
Conclusion
99
4.6
Literature Notes
100
Problems
101
5
Capital, Innovation, and Growth Accounting
105
5.1
Introduction
105
5.2
Measuring the Growth of Total Factor Productivity
106
5.2.1
Empirical Results
107
5.3
Some Problems with Growth Accounting
109
5.3.1
Problems in Measuring Capital, and the Tyranny of Numbers
109
5.3.2
Accounting versus Causation
112
5.4
Capital Accumulation and Innovation
113
5.4.1
The Basics
114
5.4.2
Innovation and Growth
116
5.4.3
Steady-State Capital and Growth
116
5.4.4
Implications for Growth Accounting
118
Contents
5.5
Conclusion
119
5.6
Literature
Notes 119
Appendix: Transitional Dynamics
120
Problems
121
PART II: UNDERSTANDING THE GROWTH PROCESS
127
6
Finance and Growth
129
6.1
Introduction
129
6.2
Innovation and Growth with Financial Constraints
130
6.2.1
Basic Setup
130
6.2.2
Innovation Technology and Growth without Credit Constraint
132
6.2.3
Credit Constraints: A Model with Ex Ante Screening
132
6.2.4
A Model with Ex Post Monitoring and Moral Hazard
134
6.3
Credit Constraints, Wealth Inequality, and Growth
136
6.3.1
Diminishing Marginal Product of Capital
136
6.3.2
Productivity Differences
139
6.4
The Empirical Findings: Levine's Survey, in a Nutshell
142
6.4.1 Cross-Country 143
6.4.2
Cross-Industry
145
6.5
Conclusion
147
6.6
Literature Notes
147
Problems
148
7
Technology Transfer and
Cross-Country
Convergence
151
7.1
Introduction
151
7.2
A Model of Club Convergence
152
7.2.1
Basics
152
7.2.2
Innovation
153
7.2.3
Productivity and Distance to Frontier
154
7.2.4
Convergence and Divergence
156
7.3
Credit Constraints as a Source of Divergence
158
7.3.1
Theory
159
7.3.2
Evidence
161
7.4
Conclusion
163
7.5
Literature Notes
165
Problems
166
Contents xi
8 Market
Size and Directed Technical Change
169
8.1
Introduction
169
8.2
Market Size in Drags
169
8.2.1
Theory
169
8.2.2
Evidence
171
8.3
Wage Inequality
173
8.3.1
The Debate
174
8.3.2
The Market-Size Explanation
176
8.4
Appropriate Technology and Productivity Differences
182
8.4.1
Basic Setup
182
8.4.2
Equilibrium Output and Profits
183
8.4.3
Skill-Biased Technical Change
184
8.4.4
Explaining Cross-Country Productivity Differences
185
8.5
Conclusion
186
8.6
Literature Notes
187
Problems
188
9
General-Purpose Technologies
193
9.1
Introduction
193
9.2
Explaining Productivity Slowdowns
196
9.2.1
General-Purpose Technologies in the Neoclassical Model
196
9.2.2
Schumpeterian Waves
198
9.3
GPT and Wage Inequality
204
9.3.1
Explaining the Increase in the Skill Premium
204
9.3.2
Explaining the Increase in Within-Group Inequality
206
9.4
Conclusion
210
9.5
Literature Notes
211
Problems
212
10
Stages of Growth
217
10.1
Introduction
217
10.2
From Stagnation to Growth
217
10.2.1
Malthusian Stagnation
217
10.2.2
The Transition to Growth
222
10.2.3
Commentary
224
10.3
From Capital Accumulation to Innovation
226
10.3.1
Human-Capital Accumulation
226
Contents
10.3.2
Physical-Capital Accumulation
227
10.4
From Manufacturing to Services
230
10.5
Conclusion
232
10.6
Literature Notes
232
Problems
233
11
Institutions and Nonconvergence Traps
237
11.1
Introduction
237
11.2
Do Institutions Matter?
238
11.2.1
Legal Origins
239
11.2.2
Colonial Origins
240
11.3
Appropriate Institutions and Nonconvergence Traps
243
11.3.1
Some Motivating Facts
243
11.3.2
A Simple Model of Distance to Frontier and Appropriate
Institutions
246
11.4
Conclusion
258
11.5
Literature Notes
261
Problems
263
PART
Ш:
GROWTH POLICY
265
12
Fostering Competition and Entry
267
12.1
Introduction
267
12.2
From Leapfrogging to Step-by-Step Technological Progress
267
12.2.1
Basic Environment
268
12.2.2
Technology and Innovation
269
12.2.3
Equilibrium Profits and Competition in Level and
Unlevel Sectors
269
12.2.4
The Schumpeterian and "Escape-Competition" Effects
271
12.2.5
Composition Effect and the Inverted
U
272
12.2.6
Empirical Evidence
274
12.3
Entry
274
12.3.1
The Environment
276
12.3.2
Technology and Entry
276
12.3.3
Equilibrium Innovation Investments
277
12.3.4
The Effect of Labor Market Regulations
278
12.3.5
Main Theoretical Predictions
279
Contents
12.3.6
Evidence on
the Growth Effects of Entry
279
12.3.7
Evidence on the Effects of (De)Regulating Entry
280
12.4
Conclusion
281
12.5
Literature Notes
282
Problems
283
13
Investing in Education
287
13.1
Introduction
287
13.2
The Capital Accumulation Approach
288
13.2.1
Back to Mankiw,
Romer,
and Weil
288
13.2.2
Lucas
292
13.2.3
Threshold Effects and Low-Development Traps
295
13.3
Nelson and Phelps and the Schumpeterian Approach
297
13.3.1
The Nelson and Phelps Approach
297
13.3.2
Low-Development Traps Caused by the Complementarity
between R&D and Education Investments
300
13.4
Schumpeter Meets Gerschenkron
302
13.4.1
A Model of Distance to Frontier and the Composition of
Education Spending
302
13.4.2 Cross-Country
and Cross-U.S.-State Evidence
307
13.5
Conclusion
311
13.6
Literature Notes
312
Problems
314
14
Reducing Volatility and Risk
319
14.1
Introduction
319
14.2
The AK Approach
321
14.2.1
The Jones, Manuelli, and
Stacchetti
Model
321
14.2.2
Counterfactuals
324
14.3
Short-versus
Long-Term
Investments
326
14.3.1
The Argument
326
14.3.2
Motivating Evidence
327
14.3.3
The AABM Model
329
14.3.4
Confronting the Credit Constraints Story with Evidence
339
14.3.5
An Alternative Explanation for the Procyclicality of R&D
340
14.4
Risk Diversification, Financial Development, and Growth
341
14.4.1
Basic Framework
341
Contents
14.4.2
Analysis
343
14.4.3
Equilibrium Dynamics
345
14.5
Conclusion
347
14.6
Literature Notes
348
Problems
349
15
Liberalizing Trade
353
15.1
Introduction
353
15.2
Preliminary: Back to the Multisector Closed-Economy Model
355
15.2.1
Production and National Income
355
15.2.2
Innovation
357
15.3
Opening Up to Trade, Abstracting from Innovation
358
15.3.1
The Experiment
358
15.3.2
The Effects of Openness on National Income
360
15.4
The Effects of Openness on Innovation and Long-Run Growth
363
15.4.1
Step-by-Step Innovation
363
15.4.2
Three Cases
364
15.4.3
Equilibrium Innovation and Growth
365
15.4.4
Scale and Escape Entry
365
15.4.5
The Discouragement Effect of Foreign Entry
366
15.4.6
Steady-State Aggregate Growth
367
15.4.7
How Trade Can Enhance Growth in All Countries
368
15.4.8
How Trade Can Reduce Growth in One Country
369
15.5
Conclusion
371
15.6
Literature Notes
372
Problems
374
16
Preserving the Environment
377
16.1
Introduction
377
16.2
The One-Sector AK Model with an Exhaustible Resource
377
16.3
Schumpeterian Growth with an Exhaustible Resource
379
16.4
Environment and Directed Technical Change
381
16.4.1
Basic Setup
381
16.4.2
Equilibrium Outputs and Profits
382
16.4.3
Taxing Dirty Production
384
16.4.4
Equilibrium Innovation
385
16.4.5
Growth and the Cost of Taxing Dirty Output
387
Contents
16.4.6
Evidence
of Directed Technical Change Effects in
the Energy Sector
389
16.4.7
Concluding Remarks
390
16.5
Literature Notes
391
Appendix: Optimal Schumpeterian Growth with an Exhaustible
Resource
392
Problems
395
17
Promoting Democracy
399
17.1
Introduction
399
17.2
Democracy, Income, and Growth in Existing Regressions
399
17.2.1
Irrelevance Results When Controlling for Country
Fixed Effects
400
17.2.2
No Apparent Correlation between Democracy and
Public Policy
400
17.3
Democracy, Entry, and Growth: A Simple Model
401
17.3.1
Production and Profits
402
17.3.2
Entry and Incumbent Innovation
402
17.3.3
Politics and the Equilibrium Probability of Entry
405
17.3.4
Main Prediction
407
17.4
Evidence on the Relationship between Democracy, Growth,
and Technological Development
407
17.4.1
Data and Regression Equation
407
17.4.2
Basic Results
408
17.5
Democracy, Inequality, and Growth
410
17.5.1
The Model
410
17.5.2
Solving the Model
411
17.5.3
Discussion
413
17.6
Conclusion
414
17.7
Literature Notes
414
Problems
415
CONCLUSION
417
18
Looking Ahead: Culture and Development
419
18.1
What We Have Learned, in a Nutshell
419
18.2
Culture and Growth
420
Contents
18.2.1 Regulation and Trust 422
18.2.2
Investing in Children's
Patience 425
18.3
Growth and
Development 429
18.3.1
Growth through the Lens of Development Economics
429
18.3.2
The Case for Targeted Growth Policy
434
18.4
Conclusion
439
Appendix: Solving the Doepke-Zilibotti Model
441
Appendix: Basic Elements of Econometrics
443
A.I The Simple Regression Model
443
A.2 The Ordinary Least Squares Estimator
444
A.3 Multiple Regression Analysis
446
A.4 Inference and Hypothesis Testing
447
A.5 How to Deal with the Endogeneity Problem
449
A.6 Fixed-Effects Regressions
452
A.7 Reading a Regression Table
453
References
457
Index
477 |
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| author | Aghion, Philippe 1956- Howitt, Peter 1946- |
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| spelling | Aghion, Philippe 1956- Verfasser (DE-588)124546706 aut The economics of growth Philippe Aghion and Peter Howitt ; with the collaboration of Leonardo Bursztyn Cambridge, Massachusetts ; London, England The MIT Press [2009] © 2009 xxii, 495 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Economische groei gtt Wirtschaftsentwicklung Economic development Wirtschaftswachstum (DE-588)4066527-6 gnd rswk-swf Wachstumstheorie (DE-588)4128160-3 gnd rswk-swf Wachstumspolitik (DE-588)4124417-5 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Wachstumspolitik (DE-588)4124417-5 s DE-188 Wirtschaftswachstum (DE-588)4066527-6 s Wachstumstheorie (DE-588)4128160-3 s 1\p DE-604 Howitt, Peter 1946- Verfasser (DE-588)124546358 aut Bursztyn, Leonardo (DE-588)1078699410 ctb Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016988584&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Aghion, Philippe 1956- Howitt, Peter 1946- The economics of growth Economische groei gtt Wirtschaftsentwicklung Economic development Wirtschaftswachstum (DE-588)4066527-6 gnd Wachstumstheorie (DE-588)4128160-3 gnd Wachstumspolitik (DE-588)4124417-5 gnd |
| subject_GND | (DE-588)4066527-6 (DE-588)4128160-3 (DE-588)4124417-5 (DE-588)4123623-3 |
| title | The economics of growth |
| title_auth | The economics of growth |
| title_exact_search | The economics of growth |
| title_exact_search_txtP | The economics of growth |
| title_full | The economics of growth Philippe Aghion and Peter Howitt ; with the collaboration of Leonardo Bursztyn |
| title_fullStr | The economics of growth Philippe Aghion and Peter Howitt ; with the collaboration of Leonardo Bursztyn |
| title_full_unstemmed | The economics of growth Philippe Aghion and Peter Howitt ; with the collaboration of Leonardo Bursztyn |
| title_short | The economics of growth |
| title_sort | the economics of growth |
| topic | Economische groei gtt Wirtschaftsentwicklung Economic development Wirtschaftswachstum (DE-588)4066527-6 gnd Wachstumstheorie (DE-588)4128160-3 gnd Wachstumspolitik (DE-588)4124417-5 gnd |
| topic_facet | Economische groei Wirtschaftsentwicklung Economic development Wirtschaftswachstum Wachstumstheorie Wachstumspolitik Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016988584&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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