Rethinking Economic Development, Growth, and Institutions
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Product details:
- Publisher OUP Oxford
- Date of Publication 3 October 2013
- ISBN 9780199684809
- Binding Hardback
- No. of pages470 pages
- Size 237x162x35 mm
- Weight 860 g
- Language English
- Illustrations 76 Figures, 24 Tables 0
Categories
Short description:
Presents the contributions that early development theory can make to growth economics in answering why some countries are richer than others and why some economies grow faster than others.
MoreLong description:
Why are some countries richer than others? Why do some economies grow so much faster than others do? Do economies tend to converge to similar levels of per capita income? Or is catching up simply impossible? If modern technology has shown the potential to raise living standards to first-world levels, why is it that the vast majority of the world's population lives in poverty in underdeveloped countries? These questions have been at the heart of development economics since its inception several decades ago and are now at the center of the research agenda of the modern economics of growth.
This book reviews the answers to these questions in the contemporary fields of growth theory and comparative development. It is a sequel to Development Theory and the Economics of Growth published in 2000 with the aim to vindicate the theoretical insights and accumulated empirical knowledge of classical development economics and to integrate them into the mainstream of modern growth economics. The growth and development fields have expanded in the last twelve years in welcome directions that aim to deepen our understanding of the fundamental determinants of comparative development. This new book evaluates these new directions, including developments in endogenous growth theory and economic geography as well as the rise and challenge of the new institutional economics, in the light of the earlier, classical contributions to development theory.
Table of Contents:
Introduction
Some Stylized Facts of Economic Development
Part I. Neoclassical and Endogenous Growth Models
Basic Neoclassical and Endogenous Growth Models
Endogenous Savings and International Capital Mobility in the Neoclassical Model
Human Capital in Neoclassical and Endogenous Growth Models
Industrial Differentiation and Creative Destruction in New Growth Theory
Part II. Classical Development Theory
The Lewis Model and the Labor Surplus Economy
Increasing Returns, External Economies, and Multiple Equilibria
Internal Economies, Imperfect Competition, and Pecuniary Externalities
Openness and the Big Push: Criticisms and Extensions of Classical Development Theory
Part III. Aggregate Demand and Growth
Effective Demand and Factor Accumulation
Demand-Driven Technical Change, the Real Exchange Rate, and Growth
Kaleckí´s Dual Economy Model and Structuralist Growth Models
Debt Traps and Growth Collapses
Part IV. Deep Determinants of Comparative Development
Trade and Development
Developmental Effects of Natural Resource Abundance
Inequality and Middle Income Traps
Institutions and Development
Geography, Colonialism, and Underdevelopment
Successes and Failures in Economic Development: The Keys to the Kingdom
