The Concept of Economic Growth Theories

ISBN-13: 9781499274448 / Angielski / Miękka / 2007 / 202 str.

MR Samit Kumar

Opis

This book on economic growth theories presents a clear, straightforward, and current account of the main theories of the economic growth, which have become standard tools for policy design and evaluation at central banks and governments around the world. An attempt has been made to keep the student's perspective constantly in mind and to make the explanations both intuitively appealing and rigorous. This book has been divided into three sections: Section I includes introduction and classical growth models, Section II exogenous growth models and Section III endogenous growth models. The book presents a detailed discussion of theoretical issues involved in deterministic and stochastic, exogenous and endogenous growth models. A detailed description of the analytical and numerical approach for solving each of the different models covered in this book has been provided so that they can be used as reference for forecasting purposes. The book presents the structure of the model first, and thereafter the equilibrium conditions are analytically characterised. Equilibrium conditions are interpreted in detail, with special emphasis on the role of the transversality condition in guaranteeing the stability of the implied solution. The analysis of each model starts with the characterisation of steady state, and a description of the long-term effects of different policy interventions. Stability conditions are then characterised on either linear or log-linear approximations, and the general solution approach is particularised in each case to compute the numerical time series solution to the model under the specific type of policy considered. For the benefit of the reader, most theories have been presented and analysed in continuous as well as in discrete time frame. In analysing the growth theories, diagrams and mathematics have been used extensively in the book. The idea that any dynamic theory has time series implications that can be put to test with actual data, has influenced the conception of this book. A major objective of the text is to encourage students to think of policy issues in terms of macroeconomic models, which requires the art of selecting an appropriate model-one which captures the essential features of the problem, and which can be manipulated using tools available to the student. Various concepts and theories have been presented in a simple language and lucid manner for easy understanding by the readers. The book will ably serve the needs of under graduate and post graduate students of economics, as well as researchers who are working with growth theories of different kinds. It will also prove extremely helpful to the policy makers and the different government organisations dealing with the economic growth and development.

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