Growth Theory: An Exposition 2/E

Description

In the preface to the first edition of Growth Theory (copyright 1970), the author writes: “I have tried to give some feeling for the scope of aggregate theory of growth, a notion of technical details, and some idea of the directions in which future research is likely to go. About four years ago, the OUP NY economics editor suggested to Professor Solow that he bring this book up to date, because of the large amount of recent literature, often referred to as the “new growth theory,” or more technically as “endogenous growth theory”. This second edition of Growth Theory, which grew out of that conversation, begins with the author’s Nobel Prize Lecture “Growth Theory and After” (1987) followed by the original six chapters of the first edition. The first edition appeared in 1970; the author maintains that basic growth theory is still best summarized in these chapters, using what is often classified as “exogenous growth theory.” In the 70s, which happened to coincide witha worldwide productivity slowdown, very litt