Endogenous Growth Theory
Philippe Aghion and Peter Howitt
Format: PDF
Language:English
Solutions Included!!!
Description:
Advanced economies have experienced a tremendous increase in material well- being since the industrial revolution. Modern innovations such as personal computers, laser surgery, jet airplanes, and satellite communication have made us rich and transformed the way we live and work. But technological change has also brought with it a variety of social problems. It has been blamed at various times for increasing wage and income inequality, unemployment, obsolescence of physical and human capital, environmental deterioration, and prolonged recessions.
To understand the contradictory effects of technological change on the economy, one must delve into structural details of the innovation process to analyze how laws, institutions, customs, and regulations affect peoples' incentive and ability to create new knowledge and profit from it. To show how this can be done, Philippe Aghion and Peter Howitt make use of Schumpeter's concept of creative destruction, the competitive process whereby entrepreneurs constantly seek new ideas that will render their rivals' ideas obsolete.
Whereas other books on endogenous growth stress a particular aspect, such as trade or convergence, this book provides a comprehensive survey of the theoretical and empirical debates raised by modern growth theory. It develops a powerful engine of analysis that sheds light not only on economic growth per se, but on the many other phenomena that interact with growth, such as inequality, unemployment, capital accumulation, education, competition, natural resources, international trade, economic cycles, and public policy.
Content
1 Toward Endogenous Growth
1.1 The Neoclassical Model of Exogenous Growth
1.2 Extension: The Cass-Koopmans-Ramsey Model
1.3 Initial Attempts to Endogenize Technology
1.4 The AK Approach to Endogenous Growth
1.5 The Solow-Swan Model versus the AK Approach: The Empirical Evidence
1.6 Monopoly Rents as a Reward of Technological Progress
Appendix: Dynamic Optimization in Continuous Time Problems
2 The Schumpeterian Approach
2.1 A Basic Setup
2.2 Steady-State Growth
2.3 Welfare Analysis
2.4 Uneven Growth
2.5 Discussion
2.6 Some Immediate Extensions of the Basic Schumpeterian Model
2.7 Summary Problems
3 Innovation and Capital Accumulation
3.1 Multisectors
3.2 Introducing Capital
3.3 Summary
Appendix 1: The Invariant Cross-Sectoral Distribution of Relative Productivities
Appendix 2: Research Arbitrage and Labor Market Equilibrium in the Multisector Economy Problems
4 Growth and Unemployment
4.1 Two Opposite Effects of Growth on Unemployment
4.2 The Effect of Intersector Complementarities
4.3 Innovation-Driven Growth
4.4 Learning by Doing
4.5 Stochastic Matching
4.6 Summary
Appendix: Some Details of Stochastic Matching Problems
5 Endogenous Growth and Sustainable Development
5.1 Optimal Growth in the AK and Schumpeterian Frameworks
5.2 The Notion of Sustainable Development
5.3 the Analysis of Sustainable Development Summary
Appendix 1: Existence of Steady-State with Environmental Pollution
Appendix 2: Existence of Steady-State with Nonrenewable Natural Resources
6 Learning by Doing and Secondary Innovations
6.1 The Basic Model
6.2 Internalized Learning by Doing
6.3 Research and Development
6.4 Preliminary Thoughts on Growth and the Organization of R&D
6.5 Toward More Radical Fundamental Innovations
6.6 Summary Problems
7 Market Structure
7.1 Introduction
7.2 Barriers to Entry in Research
7.3 Introducing Agency Considerations
7.4 From Leap-Frogging to Step-by-Step Technological Progress
7.5 Research and Development
7.6 Summary and Conclusions Problems
8 Growth and Cycles
8.1 Introduction
8.2 A Few Historical Benchmarks
8.3 From Cycles to Growth
8.4 From Growth to Business Cycles: Schumpeterian Waves Revisited
8.5 Measurement Problems
8.6 Summary Problems
9 Distribution and Political Economy
9.1 The Effects of Inequality on Growth
9.2 Technological Change as a Source of Inequality
9.3 The Political Economy of Technological Change: Vested Interests as a Source of Stagnation
9.4 Summary
Appendix: Proof of Proposition 9.1 Problems
10 Education
10.1 The Lucas Approach
10.2 The Nelson-Phelps Approach
10.3 Microfoundations of Education Policy: An Informal Look at Some Preliminary Contributions
10.4 Summary Problems
11 Growth in Open Economies
11.1 Introduction
11.2 Openness and Growth: An Overview
11.3 Opening Up the Romer Model
11.4 Dynamic Comparative Advantage
11.5 Learning by Doing and Comparative Advantage
11.6 Empirical Evidence
11.7 Conclusion
11.8 Summary Problems
12 Testing for Endogenous Growth
12.1 Some Criticisms of Endogenous Growth Theory
12.2 An Augmented Schumpeterian Model
12.3 Back to the Empirical Critiques of Schumpeterian Growth Theory
12.4 A Multicountry Model
12.5 The Main Observational Implications of Schumpeterian Growth Theory
12.6 A Preliminary Attempt at Testing the Schumpeterian Paradigm
12.7 Summary
Appendix: On Some Problems in Measuring Knowledge-Based Growth
A.1 A Tentative Definition
A.2 Measuring Output, Productivity, and Knowledge
A.3 A Formal Model
A.4 Conclusion
13 Organizing R&D I: The Private Management of Innovation
13.1 Should Research Be Vertically Integrated?
13.2 The Organization of Research within Integrated Firms
13.3 Financing R&D
13.4 Summary
Appendix: Growth and the Decentralization of Activities within Firms
A.1 Modeling the Allocation of Authority within an Organization
A.2 The Basic Trade-off between the Principal's Loss of Control and the Agent's Initiative
A.3 The Optimal Scope of Centralization
14 Organizing R&D II: Public Aid to Innovation
14.1 Targeted R&D Subsidies
14.2 Untargeted Subsidy Policies
14.3 Delegating the Financing of R&D Inputs to Industries
14.4 Using the Existing Patent System to Optimally Reward R&D Output
14.5 On the Design of Patent Legislation
14.6 Summary
Problems Solutions to Chapters 1, 2, 3, 4, 6, 7, 8, 9, 10, 11, 13, 14
References
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