Endogenous Growth Theory | Philippe Aghion, Peter Howitt

Endogenous Growth Theory | Philippe Aghion, Peter Howitt | One of the principal books about the modern economic growth

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Endogenous Growth ...

	Endogenous Growth Theory Philippe Aghion, Peter Howitt The MIT Press, 1997 - 710 pages average customer review:based on 6 reviews view larger image
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highly recommended

Advanced economies have experienced a tremendous increase in material well- being since the industrial revolution. Modern innovations such as personal computers, laser surgery, jet airplanes, and satellite communication have made us rich and transformed the way we live and work. But technological change has also brought with it a variety of social problems. It has been blamed at various times for increasing wage and income inequality, unemployment, obsolescence of physical and human capital, environmental deterioration, and prolonged recessions.

To understand the contradictory effects of technological change on the economy, one must delve into structural details of the innovation process to analyze how laws, institutions, customs, and regulations affect peoples' incentive and ability to create new knowledge and profit from it. To show how this can be done, Philippe Aghion and Peter Howitt make use of Schumpeter's concept of creative destruction, the competitive process whereby entrepreneurs constantly seek new ideas that will render their rivals' ideas obsolete.

Whereas other books on endogenous growth stress a particular aspect, such as trade or convergence, this book provides a comprehensive survey of the theoretical and empirical debates raised by modern growth theory. It develops a powerful engine of analysis that sheds light not only on economic growth per se, but on the many other phenomena that interact with growth, such as inequality, unemployment, capital accumulation, education, competition, natural resources, international trade, economic cycles, and public policy.

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Comprehensive

An intermediate-to-advanced updated text in this specialized branch of growth economics. A nice follow-through if you have already read something like Barro & Sala-i-Martin's book. Fully packed with exercises and thier results explained! Complete bibliography. in short, a must.

One of the principal books about the modern economic growth

"Endogenous Growth Theory" by Philippe Aghion and Peter W. Howitt is one of the best book about economic growth theory who I've seen. This book together with "Advanced Macroeconomics" by David Romer and "Economic Growth" by Robert Barro and Xavier Sala-I-Martin are the principal books about all the modern economic growth theory. I recommend very much this book.

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not quite a textbook

This book is a treatise of the most recent works in endogenous growth theory, and so it may be inappropriate to be used as a textbook for a course. Although the exercises are explained, it seems that this book cannot be feasibly used for self-study because, as the reviewer below me pointed out, you need someone to fill in the gaps. Nevertheless, the authors do a great job in explaining the intuition behind the difficult technical papers that make up this book. I think this book would be useful for those masters/doctoral students who are preparing/writing their thesis. The explanations and the bibliography can guide them and enable them to get many ideas for their paper.

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reviews: page 1, 2

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