book

Economic Growth Theory

Name: Economic Growth Theory
Author: Wei-Bin Zhang
ISBN: 9781351159425

by Wei-Bin Zhang

January 2018

Intermediate to advanced

482 pages

13h 11m

English

Routledge

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Cover
Half Title
Title
Copyright
Contents
List of Figures
List of Tables
Preface
Acknowledgements
1 Economic Growth and Growth Theory
1.1 Economic Growth1.2 Economic Growth Theory1.3 The Structure of the Book

2 The One-Sector Growth (OSG) Model
2.1 Behavior of Producers2.2 Behavior of Consumers2.3 On the Generalized Keynesian Consumption Function2.4 Dynamics in Capital-Labor Ratio2.5 Existence of a Stable Steady State2.6 Productivity Improvement, Population Growth and the APS2.7 The Dynamics with the Cobb-Douglas Production Function2.8 The OSG Model with the CES Production Function2.9 The OSG Model with the Leontief Production Function2.10 The OSG Model with General Utility Functions2.11 The OSG Model with Preference Dynamics2.12 The OSG Model in Discrete Time2.13 On the OSG ModelAppendixA.2.1 Proving Theorem 2.4.1A.2.2 The General OSG Model in Discrete Time
3 Traditional Growth Theories and the OSG Model
3.1 The Harrod-Domar Model3.2 The Solow Model and the OSG Model3.3 The Life Cycle Hypothesis and the Generalized Keynesian Consumption Function in the OSG Model3.4 The Permanent Income Hypothesis and the Generalized Keynesian Consumption Function3.5 The Ramsey Growth Model3.6 The Ramsey Model and the OSG Model3.7 Poverty Traps Generated in the Solow Model3.8 On the Utility Function in the OSG ModelAppendixA.3.1 The Golden Rule of Capital Accumulation in the Solow Model
4 Some Extensions of the OSG Model
4.1 Exogenous Technological Change4.2 Endogenous Time and the OSG Model4.3 Simulating Evolution of Time Value and Distribution4.4 Public Goods and Returns to Scale4.5 Home Production in the OSG Model4.6 Environment and Growth4.7 Population and Capital Accumulation4.8 Money and Economic GrowthAppendixA.4.1 The General OSG model with Endogenous LaborA.4.2 Proving Lemma 4.6.1
5 Income Distribution and Growth
5.1 Growth with Income Transfers5.2 Does Inequality Accelerate Growth?5.3 Properties of the Dynamic System5.4 The Distribution Policy and the Equilibrium5.5 Human Capital and the Distribution Policy5.6 Dynamics of the Loren Curve and the Kuznets Curve5.7 Endogenous Time in the Two-Group Model5.8 The OSG Model with Multiple Consumers5.9 Simulating the Three-Group OSG Model5.10 The OSG Model with Sexual Division of Labor5.11 On Modeling Group DifferencesAppendixA.5.1 Stability Conditions in Section 5.3
6 Structural Changes and Development
6.1 The Uzawa Two-Sector Model6.2 Refitting the Uzawa Model6.3 Behavior of the Two-Sector Model6.4 A Generalization of the Ricardian Growth Model6.5 Discussion on Growth Rates6.6 Simulating Economic Structural Change6.7 The Propensity to Hold Wealth and Economic Structure6.8 Engel's Law and Structural Change6.9 A Two-Capital Growth Model6.10 Economic Evolution with Multiple SectorsAppendixA.6.1 Proving Proposition 6.4.1
7 Growth, Unemployment and Welfare
7.1 The Welfare Economy with Unemployment7.2 Dynamics in Capital-Worker Ratios7.3 Equilibrium of the Economy7.4 The Unemployment Policy7.5 The Efficiency Wage Theory7.6 Applying the Efficiency Wage Theory to the OSG Model7.7 Other Causes of UnemploymentAppendixA.7.1 A General OSG Model with the Efficiency Wage Theory
8 Learning by Doing, Education and Learning by Leisure
8.1 The AK-OSG Model with Learning by Doing8.2 The AK-Ramsey Model8.3 The Lucas Growth Model with Education8.4 Growth with Multiple Ways of Learning8.5 Growth Rates and the Education Policy8.6 Lower Propensity to Save and Higher Growth Rates8.7 More Than 'All Work and No Play Make Jack a Dull Boy'8.8 The Dynamic Properties of the Model8.9 Leisure and the Equilibrium Economic Structure8.10 Growth, Human Capital and Unemployment8.11 Human Capital and Economic DevelopmentAppendixA.8.1 Endogenous Education in the OSG ModelA.8.2 The Dynamics in Terms of K(t) and H(t)A.8.3 Proving Proposition 8.8.1A.8.4 Growth with Human Capital and Unemployment
9 Research and Learning by Doing
9.1 Growth with Learning by Doing and Research9.2 Growth Rates and the Research Policy9.3 Intermezzo for Multiple Equilibria and Poverty Traps9.4 Equilibrium of the Growth Model with Knowledge9.5 The Policy on Scientists' Payment9.6 The Job Amenities and Economic Structure9.7 Knowledge Accumulation and Economic Structure9.8 Economic Growth with Knowledge and Multiple Groups9.9 On Growth with Endogenous Knowledge
10 New Growth Theories and Monopolistic Competition
10.1 Development with Monopolistic Competition10.2 Product Variety and Growth10.3 Variety of Consumer Goods and Growth10.4 The Schumpeterian Creative Destruction10.5 Growth with Improvements in Quality of Products10.6 Learning by Doing and Research10.7 The New Growth Theory and Linearized Knowledge Growth
11 Complexity of Economic Growth
11.1 Preference Change with the OSG Model11.2 Economic Chaos as Conclusion
Bibliography
Index

Content preview from Economic Growth Theory

Chapter 3 Traditional Growth Theories and the OSG Model

Fundamental progress in economics has to do with the restudy of basic ideas. It is through the reexamination as well as reinterpretation of basic ideas that we can fully appreciate the past and become aware of possibility of and hindrance to advancing. The Solow model is the starting point for almost all analyses of economic growth. It was the first neoclassical version of the Harrod-Domar growth model. It opened a new way to modeling economic growth. The previous chapter asserted that the only difference between the Solow model and the OSG model, so far, is description of consumer behavior. This chapter explains differences between the Solow model and the OSG model. We also examine differences ...

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Economic Growth Theory

by Wei-Bin Zhang

Chapter 3 Traditional Growth Theories and the OSG Model

Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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