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Growth Theory
This major three volume work provides a comprehensive and authoritative selection of the most important articles and papers on growth theory. Volume I focuses on theories that attempt to explain the stylized facts of growth. Volume II includes the most important articles on normative models of the growth process. Volume III integrates the positive analysis found in the first volume with the welfare approach found in the second volume. Taken together, these volume depict the development of growth models from the early aggregative theory without explicitly optimizing agents to the current practice of formulating growth models with an explicit microeconomic foundation for consumption and investment decisions. Both the questions and methods of the new equilibrium approach to growth theory are adapted from optimal growth theory. In this sense, the descriptive and normative theories are intertwined and elements of both points of view may be found in each of the three volumes.
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Contributors
Contents
More Information
This major three volume work provides a comprehensive and authoritative selection of the most important articles and papers on growth theory. Volume I focuses on theories that attempt to explain the stylized facts of growth. Volume II includes the most important articles on normative models of the growth process. Volume III integrates the positive analysis found in the first volume with the welfare approach found in the second volume. Taken together, these volume depict the development of growth models from the early aggregative theory without explicitly optimizing agents to the current practice of formulating growth models with an explicit microeconomic foundation for consumption and investment decisions. Both the questions and methods of the new equilibrium approach to growth theory are adapted from optimal growth theory. In this sense, the descriptive and normative theories are intertwined and elements of both points of view may be found in each of the three volumes.
Included in these three volumes are seminal contributions by Nobel Prize winners such as Robert Solow, Paul Samuelson and Kenneth Arrow.
Robert Becker and Edwin Burmeister – two leading economists in the field – have prepared a reference collection that will be indispensable to any student, researcher or instructor with an interest in the theory of economic growth.
Included in these three volumes are seminal contributions by Nobel Prize winners such as Robert Solow, Paul Samuelson and Kenneth Arrow.
Robert Becker and Edwin Burmeister – two leading economists in the field – have prepared a reference collection that will be indispensable to any student, researcher or instructor with an interest in the theory of economic growth.
Contributors
Contributors: K.J. Arrow, T. Bewley, W.A. Brock, P.D. Diamond, E.S. Phelps, R. Radner, K. Shell, R.M. Solow, J. Tsukui
Contents
Contents:
Volume I
Introduction
Part I: One-Sector Models
1. R.M. Solow (1956), ''A Contribution to the Theory of Economic Growth''
2. E.S. Phelps (1965), ''Second Essay on the Golden Rule of Accumulation''
3. F.R. Chang (1988), ''The Inverse Optimum Problem: A Dynamic Programming Approach''
4. R.E. Lucas, Jr. (1988), ''On the Mechanics of Economic Development''
5. P.M. Romer (1986), ''Increasing Returns and Long-Run Growth''
Part II: Models With Two or More Sectors
6. H. Uzawa (1961), ''On a Two-Sector Model of Economic Growth''
7. E. Burmeister (1968), ''The Role of the Jacobian Determinant in the Two-Sector Model''
8. F.H. Hahn (1966), ''Equilibrium Dynamics with Heterogeneous Capital Goods''
9. E. Burmeister and A.R. Dobell (1970), ''Money and Economic Growth''
10. E. Burmeister, C. Caton, A.R. Dobell and S. Ross (1973), ''The "Saddlepoint Property" and the Structure of Dynamic Hetergeneous Capital Good Models''
Part III: Capital Deepening, Reswitching and Neo-Austrian Models
11. M. Bruno, E. Burmeister and E. Sheshinski (1966), ''The Nature and Implications of the Reswitching of Techniques''
12. E. Burmeister (1976), ''Real Wicksell Effects and Regular Economies''
13. E. Burmeister (1974), ''Synthesizing the Neo-Austrian and Alternative Approaches to Capital Theory''
Part IV: Technological Change
14. P.A. Diamond (1965), ''Disembodied Technical Change in a Two-Sector Model''
15. P.A. Samuelson (1965), ''A Theory of Induced Innovation Along Kenney-Weisacker Lines''
16. C. Bliss (1968), ''On Putty-Clay''
17. K.J. Arrow (1962), ''The Economic Implications of Learning by Doing
Name Index
Volume II
Introduction
Part I: One Sector Models
A. Deterministic Models
1. F.P. Ramsey (1928), ''A Mathematical Theory of Saving''
2. D.Cass (1965), ''Optimum Growth in an Aggregative Model of Capital Accumulation''
3. R. Beals and T.C. Koopmans (1969), ''Maximizing Stationary Utility in a Constant Technology''
4. W.D. Dechert and N. Nishimura (1983), ''A Complete Characterization of Optimal Growth Paths in an Aggregated Model with a Non-Concave Production Function''
B. Stochastic Models
5. L. Mirman (1980), ''One Sector Economic Growth and Uncertainty: A Survey''
6. L.G. Epstein (1983), ''Stationary Cardinal Utility and Optimal Growth under Uncertainty''
Part II: Models With Two or More Sectors
A. Deterministic Models
7. J. Benhabib and N. Nishimura (1979), ''The Hopf Bifurication and the Existence and Stability of Closed Orbits in Multisector Models of Optimal Economic Growth''
8. J. Benhabib and K. Nishimura (1979), ''Stability of Equilibrium in Dynamic Models of Capital Theory''
9. L.W. McKenzie (1983), ''Turnpike Theory, Discounted Utility, and the von Neuman Facet''
10. M. Boldrin and L. Montruccio (1986), ''On the Indeterminancy of Capital Accumulation Paths''
B. Stochastic Models
11. R. Radner (1973), ''Optimal Stationary Consumption with Stochastic Production and Resources''
12. M. Majumdar and R. Radner (1983), ''Stationary Optimal Policies with Discounting in a Stochastic Activity Analysis Model''
Part III: Sensitivity, Capital Deepening and Comparative Dynamics
A. Deterministic Models
13. W.A. Brock (1971), ''Sensitivity of Optimal Growth Paths with Respect to a Change in Target Stocks''
14. E. Burmeister and N. Van long (1977), ''On Some Unresolved Questions in Capital Theory: An Application of Samuelson''s Correspondence Principle''
15. R.A. Becker (1985), ''Comparative Dynamics in Aggregate Models of Optimal Capital Accumulation''
B. Stochastic Models
16. J.-P. Danthine and J.B. Donaldson (1981), ''Stochastic Properties of Fast vs Slow Growing Economies''
17. M. Majumdar and I Zilchia (1987), ''Optimal Growth in a Stochastic Environment: Some Sensitivity and Turnpike Results''
18. P.K. Dutra (1987), ''Capital Deepening and Impatience Equivalence in Stochastic Aggregative Growth Models''
19. J. von Neuman (1945-46), ''A Model of General Economic Equilibrium''
20. L.W. McKenzie (1967), ''Maximal Paths in the von Neumann Model''
21. J. Tsuki (1968), ''Application of a Turnpike Theorem to Planning for Efficient Accumulation: An Example for Japan''
Name Index
Volume III
Introduction
Part I: One-Sector Models
1. K. Shell (1971), ''Notes on the Economics of Infinity''
2. L.G. Epstein and J.A. Hynes (1983), ''The Rate of Time Preference in Dynamic Economic Analysis''
3. R.A. Becker (1985), ''Capital Income Taxation and Perfect Foresight''
4. S.R. Aiyagari (1985), ''Observational Equivalence of the Overlapping Generations and the Discounted Dynamic Programming Frameworks for One-Sector Growth''
Part II: Models With Two or More Sectors
5. P.A. Samuelson (1967), ''Indeterminancy of Development in a Hetergeneous-Capital Model with Constant Saving Propensity''
6. W.A. Brock (1974), ''Money and Growth: The Case of Long Run Perfect Foresight''
7. E.C. Prescott and R. Mehra (1980), ''Recursive Competitve Equilibrium: The Case of Homogeneous Households''
8. R.A. Becker (1981), ''The Duality of a Dynamic Model of Equilibrium and an Optimal Growth Model: The Heterogeneous Capital Goods Case''
9. J. Benhabib and N. Nishimura (1985), ''Competitive Equilibrium Cycles''
Part III: Dynamic Equilibrium Models With Many Agents
10. T. Bewly (1982), ''An Integration of Equilibrium Theory and Turnpike Theory''
11. R.E. Lucas Jr and N.L. Stokey (1984), ''Optimal Growth with Many Consumers''
12. R.A. Becker and C. Foias (19870, ''A Characterization of Ramsey Equilibrium''
Part IV: Asset Pricing and Macrodynamics
13. R.E. Lucas Jr (1978), ''Asset Prices in an Exchange Economy''
14. W.A. Brock (1982), ''Asset Prices in a Production Model''
15. J.B. Donaldson and R. Mehra (1984), ''Comparative Dynamics of an Equilibrium Asset Pricing Model''
16. R.G. King, C.I. Plosser and S.T. Rebelo (1988), ''Production Growth and Business Cycles: I. The Basic Neoclassical Model''
Volume I
Introduction
Part I: One-Sector Models
1. R.M. Solow (1956), ''A Contribution to the Theory of Economic Growth''
2. E.S. Phelps (1965), ''Second Essay on the Golden Rule of Accumulation''
3. F.R. Chang (1988), ''The Inverse Optimum Problem: A Dynamic Programming Approach''
4. R.E. Lucas, Jr. (1988), ''On the Mechanics of Economic Development''
5. P.M. Romer (1986), ''Increasing Returns and Long-Run Growth''
Part II: Models With Two or More Sectors
6. H. Uzawa (1961), ''On a Two-Sector Model of Economic Growth''
7. E. Burmeister (1968), ''The Role of the Jacobian Determinant in the Two-Sector Model''
8. F.H. Hahn (1966), ''Equilibrium Dynamics with Heterogeneous Capital Goods''
9. E. Burmeister and A.R. Dobell (1970), ''Money and Economic Growth''
10. E. Burmeister, C. Caton, A.R. Dobell and S. Ross (1973), ''The "Saddlepoint Property" and the Structure of Dynamic Hetergeneous Capital Good Models''
Part III: Capital Deepening, Reswitching and Neo-Austrian Models
11. M. Bruno, E. Burmeister and E. Sheshinski (1966), ''The Nature and Implications of the Reswitching of Techniques''
12. E. Burmeister (1976), ''Real Wicksell Effects and Regular Economies''
13. E. Burmeister (1974), ''Synthesizing the Neo-Austrian and Alternative Approaches to Capital Theory''
Part IV: Technological Change
14. P.A. Diamond (1965), ''Disembodied Technical Change in a Two-Sector Model''
15. P.A. Samuelson (1965), ''A Theory of Induced Innovation Along Kenney-Weisacker Lines''
16. C. Bliss (1968), ''On Putty-Clay''
17. K.J. Arrow (1962), ''The Economic Implications of Learning by Doing
Name Index
Volume II
Introduction
Part I: One Sector Models
A. Deterministic Models
1. F.P. Ramsey (1928), ''A Mathematical Theory of Saving''
2. D.Cass (1965), ''Optimum Growth in an Aggregative Model of Capital Accumulation''
3. R. Beals and T.C. Koopmans (1969), ''Maximizing Stationary Utility in a Constant Technology''
4. W.D. Dechert and N. Nishimura (1983), ''A Complete Characterization of Optimal Growth Paths in an Aggregated Model with a Non-Concave Production Function''
B. Stochastic Models
5. L. Mirman (1980), ''One Sector Economic Growth and Uncertainty: A Survey''
6. L.G. Epstein (1983), ''Stationary Cardinal Utility and Optimal Growth under Uncertainty''
Part II: Models With Two or More Sectors
A. Deterministic Models
7. J. Benhabib and N. Nishimura (1979), ''The Hopf Bifurication and the Existence and Stability of Closed Orbits in Multisector Models of Optimal Economic Growth''
8. J. Benhabib and K. Nishimura (1979), ''Stability of Equilibrium in Dynamic Models of Capital Theory''
9. L.W. McKenzie (1983), ''Turnpike Theory, Discounted Utility, and the von Neuman Facet''
10. M. Boldrin and L. Montruccio (1986), ''On the Indeterminancy of Capital Accumulation Paths''
B. Stochastic Models
11. R. Radner (1973), ''Optimal Stationary Consumption with Stochastic Production and Resources''
12. M. Majumdar and R. Radner (1983), ''Stationary Optimal Policies with Discounting in a Stochastic Activity Analysis Model''
Part III: Sensitivity, Capital Deepening and Comparative Dynamics
A. Deterministic Models
13. W.A. Brock (1971), ''Sensitivity of Optimal Growth Paths with Respect to a Change in Target Stocks''
14. E. Burmeister and N. Van long (1977), ''On Some Unresolved Questions in Capital Theory: An Application of Samuelson''s Correspondence Principle''
15. R.A. Becker (1985), ''Comparative Dynamics in Aggregate Models of Optimal Capital Accumulation''
B. Stochastic Models
16. J.-P. Danthine and J.B. Donaldson (1981), ''Stochastic Properties of Fast vs Slow Growing Economies''
17. M. Majumdar and I Zilchia (1987), ''Optimal Growth in a Stochastic Environment: Some Sensitivity and Turnpike Results''
18. P.K. Dutra (1987), ''Capital Deepening and Impatience Equivalence in Stochastic Aggregative Growth Models''
19. J. von Neuman (1945-46), ''A Model of General Economic Equilibrium''
20. L.W. McKenzie (1967), ''Maximal Paths in the von Neumann Model''
21. J. Tsuki (1968), ''Application of a Turnpike Theorem to Planning for Efficient Accumulation: An Example for Japan''
Name Index
Volume III
Introduction
Part I: One-Sector Models
1. K. Shell (1971), ''Notes on the Economics of Infinity''
2. L.G. Epstein and J.A. Hynes (1983), ''The Rate of Time Preference in Dynamic Economic Analysis''
3. R.A. Becker (1985), ''Capital Income Taxation and Perfect Foresight''
4. S.R. Aiyagari (1985), ''Observational Equivalence of the Overlapping Generations and the Discounted Dynamic Programming Frameworks for One-Sector Growth''
Part II: Models With Two or More Sectors
5. P.A. Samuelson (1967), ''Indeterminancy of Development in a Hetergeneous-Capital Model with Constant Saving Propensity''
6. W.A. Brock (1974), ''Money and Growth: The Case of Long Run Perfect Foresight''
7. E.C. Prescott and R. Mehra (1980), ''Recursive Competitve Equilibrium: The Case of Homogeneous Households''
8. R.A. Becker (1981), ''The Duality of a Dynamic Model of Equilibrium and an Optimal Growth Model: The Heterogeneous Capital Goods Case''
9. J. Benhabib and N. Nishimura (1985), ''Competitive Equilibrium Cycles''
Part III: Dynamic Equilibrium Models With Many Agents
10. T. Bewly (1982), ''An Integration of Equilibrium Theory and Turnpike Theory''
11. R.E. Lucas Jr and N.L. Stokey (1984), ''Optimal Growth with Many Consumers''
12. R.A. Becker and C. Foias (19870, ''A Characterization of Ramsey Equilibrium''
Part IV: Asset Pricing and Macrodynamics
13. R.E. Lucas Jr (1978), ''Asset Prices in an Exchange Economy''
14. W.A. Brock (1982), ''Asset Prices in a Production Model''
15. J.B. Donaldson and R. Mehra (1984), ''Comparative Dynamics of an Equilibrium Asset Pricing Model''
16. R.G. King, C.I. Plosser and S.T. Rebelo (1988), ''Production Growth and Business Cycles: I. The Basic Neoclassical Model''