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• Economic Growth and Development
• Copyright Page
• About the series: frontiers of economics and globalization
• About the editor
• ABOUT THE VOLUME
• List of contributors
• Contents
• Foreword
• Chapter 1 How Growth Can Undermine Growth: Three Examples
• 1. The Impact of Medical Progress
• 2. Technological Progress in Weapons
• 3. The Anthropocene Age
• Chapter 2 Commodity Price Volatility, Democracy, and Economic Growth
• 1. Introduction
• 2. Data
• 2.1. Nonresource GDP (NRGDP)
• 2.2. Commodity price index and volatility
• 2.3. Democracy
• 3. Empirical results
• 3.1. Estimation strategy
• 3.2. Economic growth
• 3.3. Saving
• 4. Robustness checks
• 5. Summary and conclusion
• Acknowledgments
• References
• Chapter 3 Growth, Colonization, and Institutional Development: In and Out of Africa
• 1. Introduction
• 2. Growth, history, and institutions
• 3. Growth in Africa
• 4. History and colonization
• 5. State fragility
• 6. Slavery
• 7. Conclusion
• Acknowledgments
• References
• Chapter 4 On the Relation Between Investment and Economic Growth: New Cross-Country Empirical Eviden
• 1. Introduction
• 2. The PVAR/PVECM framework
• 3. Estimation under cross-sectional independence
• 3.1. The mean group estimator
• 3.2. The pooled mean group estimator
• 4. Estimation under cross-sectional dependence
• 5. Hypothesis testing
• 5.1. Unit root tests
• 5.1.1. Unit root tests under cross-sectional independence
• 5.1.2. Unit root tests under cross-sectional dependence
• 5.2. Tests for cross-sectional independence
• 5.3. Tests for cointegration
• 5.3.1. Tests for cointegration under cross-sectional independence
• 5.3.2. Tests for cointegration under cross-sectional dependence
• 5.4. Tests for long-run parameter homogeneity
• 5.5. Tests for weak exogeneity/long-run causality
• 5.6. Impulse responses and persistence profiles
• 6. The relationship between investment in physical capital and output: Empirical evidence
• 6.1. Data
• 6.2. Replicating Blomstrom, Lipsey, and Zejan
• 6.3. Estimation and hypothesis testing results
• 7. Conclusion
• Acknowledgments
• References
• Chapter 5 Vintage Capital Growth Theory: Three Breakthroughs
• 1. Introduction
• 2. Vintage capital models: seminal theory
• 2.1. The Johansen vintage capital model
• 2.2. The Solow vintage capital model
• 2.3. The vintage capital model with fixed factor proportions
• 3. The embodiment debate and implications for empirical growth: the accounting breakthrough
• 3.1. The embodiment controversy: Solow (with the help of Gordon) strikes back
• 3.2. Growth accounting under embodiment
• 4. Optimal vintage capital growth models: The optimal control breakthrough
• 4.1. The mathematical peculiarity of vintage capital models
• 4.2. Vintage capital optimal growth models
• 4.3. Vintage capital with endogenous growth
• 5. Vintage human capital: the third breakthrough
• 5.1. Vintage human capital and technology diffusion
• 5.2. Vintage human capital and inequality
• 5.3. Demographic vintage human capital models
• 6. Conclusion
• Acknowledgment
• References
• Chapter 6 Adaptive Economizing, Creativity, and Multiple-Phase Evolution
• 1. Adaptive economizing
• 2. Cooperation, enterprise, and markets
• 3. Imagination, creativity, and imitation
• 4. Multiple-phase evolution
• Appendix A
• A.1. Multiple-phase dynamics
• A.2. An abstract adaptive society
• A.3. Viability
• A.4. Multiple-phase dynamics
• A.5. Endogenous priorities
• A.6. Discussion
• References
• Chapter 7 An Explicit Nonstationary Stochastic Growth Model
• 1. Introduction
• 2. The economy model
• 3. Exploratory simulation analyses
• Acknowledgments
• Appendices
• A.1. Derivation of the capital stock dynamics
• A.2. Distributions
• A.3. Consumption (5) within a Ramsey-type setup
• References
• Chapter 8 Growth Volatility and the Structure of the Economy
• 1. Introduction
• 2. The estimation of growth volatility
• 2.1. The methodology
• 2.2. A look at the estimated growth volatilities
• 3. Empirical analysis
• 3.1. The dataset
• 3.2. GAM estimation
• 3.2.1. On the stability of the estimates
• 4. Concluding remarks
• Acknowledgment
• Appendix
• References
• Chapter 9 Stability of Growth Models with Generalized Lag Structures
• 1. Introduction
• 2. Stability, asymptotic stability, and convergence
• 3. Economic growth with a variable production lag
• 4. Economic growth with an accelerator investment function
• 5. Time-varying parameters
• 6. Conclusions
• Acknowledgments
• References
• Chapter 10 On the Track of the World’s Economic Center of Gravity
• 1. Introduction
• 2. Measuring the world’s economic center of gravity
• 2.1. Mean direction and mean concentration on a sphere
• 2.2. From land to population and from population to production
• 3. Tracking the centers of gravity
• 3.1. Moving eastward: mean direction trends 1950–2008
• 3.2. Mean concentration decomposition 1950–2008
• 3.3. Education and R&D
• 4. Conclusion
• Acknowledgments
• Appendix A
• Appendix B. : The world economic center of gravity explained
• B.1. How is a center of gravity measured?
• B.2. Location on a sphere: polar and Cartesian coordinates
• B.2.1. Conversion between polar coordinates and Cartesian coordinates
• B.2.2. Geographic coordinates
• B.3. Descriptive statistics on a sphere
• B.3.1. Circle
• B.3.2. Sphere
• B.4. Specific cases
• B.4.1. Spherical caps
• B.4.2. A case of three spherical caps
• References
• Chapter 11 Homothetic Multisector Growth Models
• 1. Introduction
• 2. Structure of homothetic multisector economies
• 2.1. CES sector technologies and cost functions
• 2.2. CES preferences and consumer demands
• 2.3. Factor endowments, allocation fractions, and GDP
• 3. Walrasian equilibrium of two-factor-multisector economies
• 4. Dynamics and evolution of homothetic multisector economies
• 5. Solving the multisector growth – (2 ×10) – model
• 5.1. CES parameter sets of U(Y2,…,Y10) and Fi(Li, Ki)
• 5.2. MSG time paths of the CES 10-sector growth model
• 6. Final comments
• Acknowledgment
• Appendix:. CES isoquant map
• References
• Chapter 12 Medium-Term Growth: The Role of Policies and Institutions
• 1. Introduction
• 2. Lack of growth persistence
• 3. Growth transitions
• 4. Growth regimes
• 5. Policies, institutions, and regime switching
• 6. Conclusions
• References
• Chapter 13 Modeling Parameter Heterogeneity in Cross-Country Regression Models
• 1. Introduction
• 2. Econometric methodology
• 3. Data
• 4. Empirical results
• 4.1. Unconditional models
• 4.2. Conditional models on population growth and investments
• 5. Conclusion and directions for future research
• Acknowledgments
• Appendix
• References
• Chapter 14 How Much Should a Nation Save? A New Answer
• 1. A model of optimal growth
• 1.1. The production process
• 1.2. Choosing an optimality criterion
• 1.3. The surprises of competitive equilibrium
• 2. Optimal growth paths for the economy
• 2.1. Case σ≤1 (p≤0)
• 2.1.1. Two theorems on steady states
• 2.1.2. The optimal time path income per person: examples
• 2.1.3. The optimal savings rate
• 2.1.4. Introducing uncertainty; its bearing on the optimal savings rate
• 2.1.5. Evaluating the total benefits accruing to society
• 2.2. Case σ>1, p>0
• 3. Qualifications and extensions
• 4. Conclusion
• Acknowledgments
• References
• Chapter 15 Aggregation, the Skill Premium, and the Two-Level Production Function
• 1. Introduction
• 2. The normalized two-step four-factor CES production function
• 3. Data
• 4. Estimation results
• 4.1. Overview
• 4.2. Discussion
• 5. Conclusions
• Acknowledgment
• Appendix. Normalization: A primer
• References
• Chapter 16 Factor Substitution and Biased Technology with Balanced Growth
• 1. Introduction
• 2. Related literature
• 3. CES and the choice of production technique
• 4. Dynamics and calibration
• 5. Conclusions
• Acknowledgment
• References
• Chapter 17 Illegal Immigration, Factor Substitution, and Economic Growth
• 1. Introduction
• 2. A model of illegal immigration with one type of domestic labor
• 2.1. The model
• 2.2. Steady-state equilibrium
• 2.3. Changes in wealth, income, and consumption
• 2.4. Transitional dynamics
• 3. The general framework
• 3.1. The comparative static results of factor substitution
• 3.2. Steady-state analysis
• 4. The distribution of wealth
• 5. Concluding remarks
• Acknowledgment
• Appendix. Normalization procedure of the two-level nested CES production function
• References
• Chapter 18 Investment, Technical Progress, and the Consequences of the Global Economic Crisis
• 1. Decomposition of forecast-error-variances
• 2. Impulse responses
• 3. Conclusion
• Acknowledgments
• References
• Chapter 19 Market Power, Growth, and Unemployment
• 1. Introduction
• 2. The model
• 3. Wages, prices, and R&D at the firm level
• 4. General equilibrium
• 5. Implications for the analysis of reforms
• 5.1. Labor market reforms
• 5.2. Product market reforms
• 6. Conclusion
• Acknowledgments
• Appendix
• A.1. The bargaining problem
• A.2. The reduced-form revenue function
• A.3. Proof of Proposition 1
• A.4. A condition for m decreasing in N
• References
• Chapter 20 Optimal Abatement Investment and Environmental Policies Under Pollution Uncertainty
• 1. Introduction
• 2. The model
• 2.1. The value of the firm
• 2.2. Investment, rents, and the value of firm
• 3. Environmental policy
• 3.1. Taxes
• 3.2. Subsidies
• 4. Conclusion
• Appendix
• References
• Chapter 21 Robotics and Growth
• 1. Introduction
• 2. The model
• 3. The special case of perfect substitutes
• 3.1. Optimal growth
• 3.2. The optimal saving rate is increasing when n>0
• 3.3. Tax and subsidy policy
• 3.4. How fast does the rate of growth approach the asymptotic growth rate?
• 3.5. An exogenous gross investment share
• 4. The case of imperfect substitution between robots and labor
• 4.1. A steady state exists (rµ<ρ)
• 4.2. Endogenous growth (rµ>ρ)
• 4.3. The special case rµ = ρ
• 5. Discussion
• Acknowledgment
• Appendix
• References
• Chapter 22 Government and Growth: Friend or Foe?
• 1. Introduction
• 2. Long-term public sector growth
• 2.1. Measuring the size of the public sector
• 2.2. Long-term growth of the State: stylized facts
• 3. Factors behind public sector growth
• 3.1. Economic explanations
• 3.1.1. Demand-based explanations
• 3.1.2. Supply-based explanations
• 3.2. Explanations from the public-choice literature
• 4. Government’s impact on growth
• 4.1. Growth-theoretical underpinnings
• 4.2. Impact of public expenditure on growth
• 4.3. Impact of public revenues on growth
• 4.3.1. Taxation and factors of production
• 4.3.2. Other tax distortions
• 4.4. Government’s own inefficiencies
• 5. Evidence from empirical studies
• 6. Conclusion
• Acknowledgments
• References