The forces of economic growth : a time series perspective / Alfred Greiner, Willi, Semmler, and Gang Gong.

Includes bibliographical references (pages 173-184) and index.

Print version record.

Cover; Title; Copyright; Contents; List of Figures; List of Tables; Preface; CHAPTER 1 Economic Growth in Historical Perspective; 1.1 Historical Perspective; 1.2 New Growth Theory and Cross-Country Studies; 1.3 Time Series Perspective and Econometric Issues; 1.4 Further Outlook; CHAPTER 2 Growth Models and Time Series Evidence; 2.1 Persistent Per Capita Growth; 2.2 Scale Effects of Education and Knowledge; 2.3 Externalities and Increasing Returns; 2.4 Other Sources of Growth; Appendix; CHAPTER 3 Externalities of Investment and Economic Growth; 3.1 The Model; 3.2 Time Series Evidence.

3.3 Extensions of the Model3.4 Conclusions; Appendix; CHAPTER 4 Education and Economic Growth; 4.1 Introduction; 4.2 The Model; 4.3 Proxies for Human Capital in Empirical Studies; 4.4 Measuring the Variables; 4.5 Estimation of the Model for the United States and Germany; 4.6 Conclusion; Appendix; CHAPTER 5 Knowledge Accumulation and Economic Growth; 5.1 Introduction; 5.2 Stylized Facts on R & D and Economic Growth; 5.3 The R & D Model; 5.4 Description of the Data; 5.5 Estimation Results; 5.6 Conclusion; Appendix; CHAPTER 6 Endogenous Growth with Public Infrastructure.

6.1 The Growth Model and Steady-State Results6.2 The Dynamics of the Model; 6.3 The Estimation of the Growth Model; 6.4 Intertemporal Budget Constraint and Economic Growth; 6.5 Conclusion; Appendix; CHAPTER 7 Economic Growth and Income Inequality; 7.1 Earlier Theories; 7.2 Recent Theories; 7.3 Technological Change and Wage Inequality; 7.4 Conclusion; Appendix; CHAPTER 8 Conclusions; Technical Appendix; Data Sources; Bibliography; Index.

In economics, the emergence of New Growth Theory in recent decades has directed attention to an old and important problem: what are the forces of economic growth and how can public policy enhance them? This book examines major forces of growth--including spillover effects and externalities, education and formation of human capital, knowledge creation through deliberate research efforts, and public infrastructure investment. Unique in emphasizing the importance of different forces for particular stages of development, it offers wide-ranging policy implications in the process. The authors critically examine recently developed endogenous growth models, study the dynamic implications of modified models, and test the models empirically with modern time series methods that avoid the perils of heterogeneity in cross-country studies. Their empirical analyses, undertaken with newly constructed time series data for the United States and some core countries of the Euro zone, show that models containing scale effects, such as the R & D model and the human capital model, are compatible with time series evidence only after considerable modifications and nonlinearities are introduced. They also explore the relationship between growth and inequality, with particular focus on technological change and income disparity. The Forces of Economic Growth represents a comprehensive and up-to-date empirical time series perspective on the New Growth Theory.

In English.

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