Rethinking Economic Development, Growth, and Institutions

Paperback | October 19, 2013

byJaime Ros

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Why are some countries richer than others? Why do some economies grow so much faster than others do? Do economies tend to converge to similar levels of per capita income? Or is catching up simply impossible? If modern technology has shown the potential to raise living standards to first-worldlevels, why is it that the vast majority of the world's population lives in poverty in underdeveloped countries? These questions have been at the heart of development economics since its inception several decades ago and are now at the center of the research agenda of the modern economics of growth.This book reviews the answers to these questions in the contemporary fields of growth theory and comparative development. It is a sequel to Development Theory and the Economics of Growth published in 2000 with the aim to vindicate the theoretical insights and accumulated empirical knowledge ofclassical development economics and to integrate them into the mainstream of modern growth economics. The growth and development fields have expanded in the last twelve years in welcome directions that aim to deepen our understanding of the fundamental determinants of comparative development. Thisnew book evaluates these new directions, including developments in endogenous growth theory and economic geography as well as the rise and challenge of the new institutional economics, in the light of the earlier, classical contributions to development theory.

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Why are some countries richer than others? Why do some economies grow so much faster than others do? Do economies tend to converge to similar levels of per capita income? Or is catching up simply impossible? If modern technology has shown the potential to raise living standards to first-worldlevels, why is it that the vast majority of ...

Jaime Ros is Professor of Economics at Universidad Nacional Autonoma de Mexico (UNAM) and Professor Emeritus at the University of Notre Dame.

other books by Jaime Ros

Development and Growth in the Mexican Economy: A Historical Perspective
Development and Growth in the Mexican Economy: A Histor...

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Format:PaperbackDimensions:480 pagesPublished:October 19, 2013Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199684812

ISBN - 13:9780199684816

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Table of Contents

Introduction1. Some Stylized Facts of Economic DevelopmentPart I. Neoclassical and Endogenous Growth Models2. Basic Neoclassical and Endogenous Growth Models3. Endogenous Savings and International Capital Mobility in the Neoclassical Model4. Human Capital in Neoclassical and Endogenous Growth Models5. Industrial Differentiation and Creative Destruction in New Growth TheoryPart II. Classical Development Theory6. The Lewis Model and the Labor Surplus Economy7. Increasing Returns, External Economies, and Multiple Equilibria8. Internal Economies, Imperfect Competition, and Pecuniary Externalities9. Openness and the Big Push: Criticisms and Extensions of Classical Development TheoryPart III. Aggregate Demand and Growth10. Effective Demand and Factor Accumulation11. Demand-Driven Technical Change, the Real Exchange Rate, and Growth12. Kalecki's Dual Economy Model and Structuralist Growth Models13. Debt Traps and Growth CollapsesPart IV. Deep Determinants of Comparative Development14. Trade and Development15. Developmental Effects of Natural Resource Abundance16. Inequality and Middle Income Traps17. Institutions and Development18. Geography, Colonialism, and Underdevelopment19. Successes and Failures in Economic Development: The Keys to the Kingdom