Growth Theory in Historical Perspective

Growth Theory in Historical Perspective is a collection of thirteen carefully selected essays by Theo van de Klundert which demonstrate the development of growth theory over the past forty years. The sequence of chapters reveals the shifts in focus which have occurred since the first formal growth models of the 1940s and 1950s. He illustrates how the Keynesian paradigm was replaced by neo-classical models, which in turn have been superseded by theories of endogenous technical progress, the focus of growth theory in the 1990s.The author explains how the theory of economic growth is strongly shaped by ideas developed in the past. To this extent the book provides a comprehensive overview of the fundamentals of growth theory and develops important modern themes such as firm-specific research and development and the relationship between growth and international trade. Moreover, several of the chapters explore themes which, in the author's view, have been unfairly neglected in recent writings on the theory of growth. These include the role of demand factors, vintage models and issues of distribution, which he believes can still contribute to the current thinking on growth theory. By balancing insights from old and new theories of economic growth, this comprehensive book should prove fascinating reading for students, researchers and scholars of growth theory.