Convergence, Divergence and Changing Trade Patterns

Name: Convergence, Divergence and Changing Trade Patterns
Brand: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
SKU: 9783790808780
Price: 52.83 EUR
Availability: InStock

Theoretical Inquiries into the Role of Preferences, Factor Accumulation, Technological Change and Government Intervention. Diss.

Автор: Klaus Wälde

Език:

Корици: С меки корици

Издател: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG

Наличност: Външен склад

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52.83 € 103.32 лв

1. Introduction and overview Until still few years ago, economic growth theory (going back to Solow,...

Информация за книгата

Автор

Klaus Wälde

Език

Английски език

Корици

Книга - С меки корици

Издадена

1995

страници

149

EAN

9783790808780

ISBN

3790808784

Enbook ID

07011967

Издател

Springer-Verlag Berlin and Heidelberg GmbH & Co. KG

Теглоt

323

Размери

178 x 254 x 10

Пълно описание

1. Introduction and overview Until still few years ago, economic growth theory (going back to Solow, 1956; for an introduction cf. Burmeister and Dobell, 1970) predicted convergence of both growth rates and level of per capita income of economies which share identical preferences, technologies and same population growth rates, independently of initial conditions. Countries with a low capital stock grow faster than those with a higher capital stock, until, in the long-run, they all converge to a common constant growth rate. This prediction is due to the way how growth is "explained" in models of this kind. Growth of output per capita resulted, in the simplest model, from an exogenous growth oflabour productivity (see e. g. Sala-i-Martin, 1990; Grossman and Helpman, 1991a, ch. 2). Si!1ce this increase of productivity is exogenously given, the model itselfdoes not give any explanation ofits source. The prediction ofconvergence ofgrowth rates, itself, is very doubtful and observations show, that on an international level either convergence is not given at all, or that it takes a very long time. The literature of the "new" theory of growth provides a rich variety of models whose theoretical implications range from divergence to convergence and thus offers much better working tools in order to analyze real world observations. These models (starting with Romer, 1986 and Lucas, 1988) explain growth of GNP or per capita income from within the model by includingexternal effects such as a public stock ofknowledge capital (e. g.

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Convergence, Divergence and Changing Trade Patterns

Theoretical Inquiries into the Role of Preferences, Factor Accumulation, Technological Change and Government Intervention. Diss.

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Пълно описание

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