Economic Growth and Development

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  • In this concluding topic for the course attention shifts from the analysis of cyclical and other short term aspects of economic performance to how economies change over long periods of time. 
  • Objectives:
    • to provide a concise review of the theory of long-term economic change
    • to consider different perspectives economists have taken on issues of the environment compared to those of physical scientists
    • to explore the possibility that there may be social limits to growth
    • to introduce growth accounting techniques based on neo-classical models, the puzzle of the "Solow residual", and the concept of total factor productivity
    • to introduce the "new growth theory" and the idea of endogenous technical change.

  • Copyright 2000 K.J. Rea