The Theory of Economic Growth

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The Theory of Economic Growth: a ‘Classical’ Perspective

The Theory of Economic Growth: a ‘Classical’ Perspective

Edited by

Neri Salvadori
University of Pisa, Italy

Edward Elgar
Cheltenham, UK • Northampton, MA, USA

Contents
Introduction by Neri Salvadori 1. Theories of economic growth: old and new Heinz D. Kurz and Neri Salvadori The structure of growth models: a comparative survey Antonio D’Agata and Giuseppe Freni Endogenous growth theory as a lakatosian case study Mario Pomini Endogenous growth in a multi-sector economy Giuseppe Freni, Fausto Gozzi and Neri Salvadori Income distribution and consumption patterns in a ‘classical’ growth model Davide Fiaschi and Rodolfo Signorino Keynesian theories of growth Pasquale Commendatore, Salvatore D’Acunto, Carlo Panico and Antonio Pinto Should the theory of endogenous growth be based on Say’s law and the full employment of resources? Fabio Petri The demographic transition and neo-classical models of balanced growth Piero Manfredi and Luciano Fanti Human capital formation in the new growth theory: the role of ‘social factors’ Maria Rosaria Carillo xi 1

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Contents

10. The evolutionary perspective on growth Grazia D. Santangelo 11. Competition, rent seeking and growth: Smith versus the endogenous growth theory Antonio D’Agata 12. R&D models of economic growth and the long-term evolution of productivity and innovation Mauro Caminati 13. Competition and technical change in Aghion & Howitt: a formalisation of Marx’s ideas? Maria Daniela Giammanco 14. Division of labour and economic growth: Paul Romer’s contribution in an historical perspective Andrea Mario Lavezzi 15. The interaction between growth and cycle in macrodynamic models of the economy Serena Sordi 16. Real business cycle models, endogenous growth models and cyclical growth: a critical survey Davide Fiaschi and Serena Sordi 17. Growth theory and the environment: how to include matter without making it really matter Tommaso Luzzati 18. Modelling growth and financial intermediation through information frictions: a critical survey Salvatore Capasso

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List of Figures
2.1 The Ricardian and Smithian–Marxian models 2.2 The Smithian–Marxian model 2.3 The accumulation process in the Harrod-Domar and Kaldor models 2.4 The Solow model in discrete time and without technical progress 5.1 Engel’s curves for food and non-agricultural goods 5.2 Income distribution and consumption pattern ... ... ... ... ... ... ... ... ...

8.1 The three equilibria in Solow’s model with transitional dynamics 8.2 Realistic (absolute) divergent/convergent patterns in the CRS Solow model with demographic transition 8.3 Equilibria and direction of motion for the neo-classical DRS model with DT in case b) (two equilibria)

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List of Tables
15.1 Intervals of parameter values and type of solution 16.1 Standard deviations, sources US estimates: Canova (1998) 16.2 Correlations, sources US estimates: Canova (1998) ... ... ...

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List of contributors
Mauro Caminati (University of Siena, Italy) Salvatore Capasso (University of Napoli “Federico II”, Italy) Maria Rosaria Carillo (University of Napoli “Parthenope”, Italy) Pasquale Commendatore (University of Napoli “Federico II”, Italy) Salvatore D'Acunto (University of Napoli “Federico II”, Italy) Antonio D’Agata (University of Catania, Italy) Luciano Fanti (University of Pisa, Italy) Davide Fiaschi (University of Pisa, Italy) Giuseppe Freni (University of Napoli “Parthenope”, Italy) Maria Daniela Giammanco (University of Catania, Italy) Fausto Gozzi (University of Rome “La Sapienza”, Italy) Heinz D. Kurz (University of Graz, Autriche) Andrea Lavezzi (University of Pisa, Italy) Tommaso Luzzati (University of Pisa, Italy) Piero Manfredi (University of Pisa, Italy) Carlo Panico (University of Napoli...
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