Publisher's Synopsis
Robert Solow won the 1987 Nobel Prize for Economics. In his Nobel Lecture Solow discussed recent developments in growth theory, a field in which interest is reviving. This lecture has been added to the original edition of Growth Theory to make a new edition which will maintain the books position as the leading concise exposition of the subject. The book presents a selective survey of the modern aggregative theory of economic growth. It is organized around the Harrod-Domar conditions for equilibrium in a growing economy. Successive chapters show how the character of full employment growth equilibrium changes and enlarges as more complicated assumptions are made about technology, invention, saving, and the existence of monetary assets. The last two chapters explore some general policy issues, and include an elementary exposition of the problem of optimal paths of capital accumulation, and the discounting of the benefits of public investments.;This book is intended for teachers and students of Growth Theory.
