| List of Figures | p. ix |
| List of Tables | p. xi |
| Preface | p. xii |
| Acknowledgements | p. xvi |
| Introduction: the "Stylized Facts" of Economic Growth | p. 1 |
| The "Stylized Facts" of Economic Growth | p. 3 |
| Introduction | p. 3 |
| Trend and Cycles in the Macroeconomic Time Series | p. 4 |
| Separating "Trend" and "Cycles" in a Macroeconomic Time Series | p. 5 |
| The Long-run Growth Rate of a Macroeconomic Time Series | p. 6 |
| Methodology: Sherlock Holmes' Rules of Scientific Inquiry | p. 8 |
| Kaldor's "Stylized Facts" of Economic Growth | p. 10 |
| Suggested Reading | p. 12 |
| The Theory of Economic Growth With "Exogenous" Technical Progress | p. 13 |
| The Neoclassical Model of Economic Growth | p. 15 |
| Introduction | p. 15 |
| The Structure of the Model | p. 15 |
| The Supply Side of the Economy | p. 16 |
| The Demand Side of the Economy | p. 23 |
| The Link between the Supply and the Demand Sides of the Economy | p. 25 |
| The Dynamics of the Solow-Swan Model | p. 27 |
| The SandS Model and the "Stylized Facts of Economic Growth" | p. 29 |
| The Solow-Swan Model without Technical Progress | p. 30 |
| Policy Experiments and Empirics | p. 31 |
| Changes in the Saving Rate | p. 31 |
| Changes in the Rate of Population Growth | p. 33 |
| Suggested Reading | p. 36 |
| Problems | p. 36 |
| The Hypothesis of Convergence (I): Economies with the Same Steady State | p. 38 |
| Introduction | p. 38 |
| The Hypothesis of Convergence | p. 39 |
| Tests of the Convergence Hypothesis | p. 44 |
| The "Collapsing Distribution of Per Capita Incomes" (or [sigma]-convergence) Test | p. 44 |
| The "Barro Regressions (or [beta]-convergence) Test | p. 45 |
| [sigma]-convergence vs. [beta]-convergence: The Galton Fallacy | p. 47 |
| Empirical Results on Convergence | p. 50 |
| An Obstacle in the Way... | p. 53 |
| ...and an Ingenious Solution: The "Broad" Concept of K | p. 53 |
| ...which Calls for a "Readjustment" of the SandS Model: The Human Capital Augmented Neoclassical Model | p. 55 |
| Per Capita Income as an Indicator of Living Standards | p. 56 |
| The Hypothesis of Convergence (II): Economies with Different Steady States | p. 59 |
| Introduction | p. 59 |
| Controlling for Differences in Steady States | p. 61 |
| Empirical Results on Conditional [beta]-convergence | p. 64 |
| Adding Variables to the "Basic Conditional Barro Regression" | p. 65 |
| Summary of Results and a "Second Pass" on Convergence | p. 69 |
| Conclusion | p. 73 |
| Economic Growth and Social Welfare: The "Golden Rules" of Accumulation | p. 74 |
| Introduction | p. 74 |
| The "Golden Rule" of Accumulation | p. 75 |
| The "Golden Rule" of Accumulation and the Actual Economies | p. 77 |
| The "Modified" Golden Rule | p. 78 |
| Problems | p. 84 |
| Growth Accounting and the Solow Residual | p. 88 |
| Introduction | p. 88 |
| Solow's Growth Accounting Procedure | p. 88 |
| Practical Uses of the Growth Accounting Equation | p. 89 |
| The "Productivity Slowdown Puzzle" | p. 91 |
| The Need for "Endogenous" Technical Progress | p. 93 |
| Suggested Reading | p. 95 |
| Problems | p. 95 |
| The Theory of Economic Growth With "Endogenous" Technical Progress | p. 97 |
| Learning-by-Doing, Knowledge Spillovers and Economic Growth | p. 99 |
| Introduction | p. 99 |
| The Learning-by-Doing and Knowledge Spillover Hypotheses | p. 100 |
| The Hypothesis of "Learning-by-Doing" | p. 100 |
| The Empirics of "Learning-by-Doing" | p. 102 |
| The "Knowledge Spillover" Hypothesis | p. 102 |
| The Implications of "Learning-by-Doing" with Free Access to New Knowledge | p. 103 |
| The Arrow-Romer Model | p. 104 |
| Description of the Model | p. 104 |
| Solution of the Model for the Steady State | p. 105 |
| Predictions of the Model and Empirical Discussion | p. 108 |
| Policy Analysis | p. 113 |
| Knowledge Spillovers, Market Inefficiency and Subsidies to Capital Accumulation | p. 113 |
| Externalities from Capital Accumulation and Balance of Trade Policy | p. 115 |
| Wage Policy and Economic Growth | p. 115 |
| Economic Integration | p. 117 |
| The "Convergence Hypothesis" | p. 117 |
| The Model and the "Productivity Slowdown Puzzle" | p. 118 |
| The Original Version of the Arrow-Romer Model (Arrow, 1962; Romer, 1986) | p. 119 |
| Comments on Some Special Features of the Arrow-Romer Model | p. 123 |
| The Elasticity of "Learning-by-Doing" and the Steady State of the Model | p. 123 |
| How Factual Can the "Linear-in-K" Model Be? | p. 125 |
| The Existence of a Steady State and the Acceptability of Models of Economic Growth | p. 127 |
| Suggested Reading | p. 128 |
| Problems | p. 129 |
| Schumpeterian Models of Economic Growth | p. 131 |
| Introduction | p. 131 |
| The Nature of Technical Progress: A "Non-rival, Partially Excludable Good" | p. 133 |
| Romer's Schumpeterian Model | p. 136 |
| Description of the Model | p. 137 |
| Predictions of the Model | p. 147 |
| The Model and the "Stylized Facts of Growth" | p. 154 |
| Policy Analysis | p. 156 |
| Beyond Romer's Schumpeterian Model: Some Topics for Further Study | p. 156 |
| Economic Growth based on "Creative Destruction" | p. 156 |
| Bounded "Learning-by-Doing" (Solow, 1997) | p. 158 |
| "Leaders" vs. "Followers" in Research and the Problem of Technological Diffusion | p. 161 |
| Suggested Reading | p. 162 |
| Problems | p. 163 |
| Concluding Remarks | p. 165 |
| Theories of Economic Growth: "Old" and "New" | p. 167 |
| Introduction | p. 167 |
| Endogenous and Exogenous Theories of Economic Growth: An Evaluation | p. 168 |
| Conclusion | p. 173 |
| Suggested Reading | p. 173 |
| Mathematical Appendices | p. 174 |
| References | p. 181 |
| Index | p. 189 |
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