## Economic growth"This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence. The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory. The book has been expanded in many areas and incorporates the latest research."--BOOK JACKET. |

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### Contents

Growth Models with Exogenous Saving Rates | 14 |

Growth Models with Consumer Optimization | 59 |

The Open Economy Finite Horizons and Adjustment | 96 |

Copyright | |

9 other sections not shown

### Common terms and phrases

adjustment costs aggregate assume behavior capita GDP capita growth rate capita income capital stock Chapter Cobb-Douglas column conditional convergence constant consumption corresponds countries curve differential equation diminishing returns effect eigenvalues endogenous growth equals equilibrium estimated coefficient Figure finite-horizon given gross investment Hence higher households human capital implies increase initial innovation input interest rate intermediate labor learning-by-doing linear locus marginal product migration rate monopoly monotonically negative neoclassical neoclassical growth model optimization output p-value parameters Pareto optimal path percent phase diagram physical capital population positive prefectures product of capital production function quantity Ramsey model rate of return ratio real per capita regions regressions relation returns to scale rises saving rate sector shadow price shown in Eq shows slope social planner Solow-Swan model speed of convergence steady steady-state value subperiods substitute technological progress tends term transitional dynamics transversality condition unit variables wage rate