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New Growth Theory

Hardback

New Growth Theory

An Applied Perspective

9781858988757 Edward Elgar Publishing
Jati K. Sengupta, Professor of Economics and Operations Research, University of California, Santa Barbara, US
Publication Date: 1999 ISBN: 978 1 85898 875 7 Extent: 256 pp
New growth theory attempts to explain the process of long run economic growth through endogenous forces such as human capital, knowledge spillover and information technology. This book offers an up-to-date critical review of the most important economic issues in new growth theory and discusses its empirical evidence, optimality and usefulness in national policy making.

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Contents
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New growth theory attempts to explain the process of long run economic growth through endogenous forces such as human capital, knowledge spillover and information technology. This book offers an up-to-date critical review of the most important economic issues in new growth theory and discusses its empirical evidence, optimality and usefulness in national policy making.

Professor Sengupta critically analyzes the dynamic and disequilibrium models as applied to recent international growth and discusses their policy implications for structural adjustment, technological innovation and international spillover of knowledge. He empirically illustrates the various phases of growth in technology-intensive sectors such as flexible manufacturing and the semi-conductor and telecommunications industries, presenting new insights into the effects of the learning process on growth and the different phases of the innovation process. He also provides a detailed new approach to learning by doing. He then critically reviews the foreign exchange market in relation to international development. Lastly, he applies time-series econometric methods to R&D investment in human capital in a global framework.

New Growth Theory will be invaluable to graduate students and scholars of macroeconomics and researchers in growth theories and economic development.
Critical Acclaim
‘Sengupta’s monograph New Growth Theory is both an excellent critical review of applied work developed in new growth theory and a challenge for modern theorists to test models of nonlinear and evolutionary dynamics, with special emphasis on learning phenomena and adaptive behaviour, which play a key role in stochastic growth.’
– Elettra Agliardi, The Economic Journal
Contents
Contents: Preface 1. Theory and Empiricism in Economic Growth 2. New Growth Theory: Empirical Perspectives 3. Stochastic Aspects of Learning by Doing 4. Recent Growth Episodes in NICs 5. Growth Stabilization and Exchange Rate Instability 6. Growth and Development Policy 7. Evolutionary Dynamics in Economic Growth 8. Infrastructure and Economic Growth References Index

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