Growth Theory. An Exposition
This is the second edition of a book on the subject for which Professor Solow received the Nobel Prize in Economics (1987). This edition includes the Nobel Lecture and the six chapters from the First Edition, and adds a transitional chapter (the 'Intermezzo') and six new chapters on recent developments in growth theory.
The author is the most prestigious living growth theorist in the world, and a Nobel Laureate. Provides a relatively brief 12 chapter overview of old and new growth theory, with sympathetic, buy very critical, discussion of recent theorists such as Roemer, Lucas, and Grossman. A lot of interest in economic growth in both liberal arts (undergraduate and graduate) departments of economics and in business economics (undergraduate and graduate). Only book to cover traditional exogenous and new endogenous growth theory in historical sequence, showing casual relationships, similarities, and contrasts.
Nobel Lecture, December 8, 1987: Growth Theory and After
1. Characteristics of Steady States
2. A Variable Capital/Output Ratio
3. A Model without Direct Substitution
4. A Model with Two Assets
5. Economic Policy in a Growth Model
6. Aspects of Economic Policy
7. The Standard Model Once More
8. Human Capital: The Lucas Model
9. Endogenous Technology: The Romer Model
10. New Consumer Goods: Grossman and Helpman
11. Schumpeterian Ideas: Aghion and Howitt
12. Lessons and Suggestions for Aggregative Growth Theory