Economic Growth and Macroeconomic Dynamics

The Development Of The Endogenous Growth Model Rekindled Interest In Growth Theory. In Contrast To The Neo-Classical Model Long-Run Endogenous Growth Emerged As An Equilibrium Outcome Reflecting The Behaviour Of Optimizing Agents In The Economy. This Book Brings Together A Number Of Contributions In Growth Theory And Macroeconomic Dynamics Reflecting These Developments And The Ongoing Debate Over The Relative Merits Of Neo-Classical And Endogenous Growth Models. It Focuses On The Emergence Of Three Important Aspects: First It Develops Growth Models That Extend The Underlying Theory In Different Directions. Second It Addresses One Of The Concerns Of The Literature On Growth And Dynamics: The Statistical Properties Of Underlying Data And The Effort To Ensure That Growth Models Are Consistent With Empirical Evidence. Third It Discusses The Increasingly International Focus Of Macrodynamics And Growth Theory An Inevitable Consequence Of The Integration Of The World Economy.