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Economic Growth
A Unified Approach

$174.99 (R)

  • Date Published: July 2009
  • availability: In stock
  • format: Hardback
  • isbn: 9780521898010

$174.99 (R)

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About the Authors
  • How can society improve its living standards? What are the conditions necessary for prosperity? These are the questions that define the essence of growth theory. In this user-friendly book, Olivier de la Grandville provides a fascinating introduction to the theory of economic growth and shows how many results from this field are of paramount importance for society. The classical mechanics of the growth process are carefully explained, with two chapters devoted to the fundamental issue of the substitution of labor for capital in the growth process (co-written with Robert M. Solow, winner of the Nobel Prize in Economics). The book also addresses the fundamental question of the optimal investment rate of an economy. In addition, de la Grandville shows us that by unifying the descriptive and normative aspects of growth theory we can generate many fresh insights, including a proof of Adam Smith's 'Invisible Hand' conjecture.

    • All necessary concepts are introduced and explained
    • Unifies the descriptive and normative strands of growth theory providing fresh insights, including a proof of Adam Smith's 'Invisible Hand' conjecture
    • Includes end-of-chapter review questions allowing readers to monitor their understanding of the material
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    Product details

    • Date Published: July 2009
    • format: Hardback
    • isbn: 9780521898010
    • length: 376 pages
    • dimensions: 255 x 180 x 21 mm
    • weight: 0.88kg
    • contains: 98 b/w illus. 19 tables
    • availability: In stock
  • Table of Contents

    Part I. Positive Growth Theory:
    1. The welfare of society and economic growth
    2. The growth process
    3. A production function of central importance
    4. The CES production function as a general mean (in collaboration with Robert M. Solow)
    5. Capital-labour substitution and economic growth (in collaboration with Robert M. Solow)
    6. The long-term growth rate as a random variable, with an application to the U.S. Economy
    Part II. Optimal Growth Theory:
    7. Optimal growth theory: an introduction to the calculus of variations
    8. Other major tools for optimal growth theory: the Pontryagin Maximum Principle and the Dorfmanian
    9. First applications to optimal growth
    10. Optimal growth and the optimal savings rate
    Part III. A Unified Approach:
    11. Preliminaries: interest rates and capital valuation
    12. From arbitrage to equilibrium
    13. Optimal savings: a general approach
    14. Problems in growth: common traits between planned economies and poor countries
    15. From Ibn Khaldun to Adam Smith, and a proof of Smith's conjecture
    16. In conclusion: on the convergence of ideas and values through civilizations
    Further readings, and data on growth

  • Instructors have used or reviewed this title for the following courses

    • Growth and Development in the World Economy
    • Issues in Comparative Political Economy
    • Macroeconomic Analysis ll
    • Process design and engineering economics
    • Seminar in Economic Growth & Development
  • Author

    Olivier de la Grandville, Université de Genève
    Olivier de La Grandville is Visiting Professor in the Management Science and Engineering Department at Stanford University, a position he has held since 1988. He was Professor of Economics at the University of Geneva between 1978 and 2007 and is the author of seven books on a wide range of topics in microeconomics, macroeconomics and finance.

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