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Institutions and Growth, an Introductory Essay by Robert J. Barro is a Economics, Econometrics and Finance article available to read on EtoBox.

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The revival of interest in growth theory and empirics is now about ten years old. Some indicators of the permanence of this revival are the volume of publications (including at least one new textbook), the incorporation of much of the new theory and empirical work into basic graduate courses in macroeconomics, the increased supply of advanced courses on economic growth, and the promising start of this new journal. The initial excitement centered on theories in which the long-term growth rate was determined endogenously. The first models were standard except that capital was broadened to include human components and to allow for spillover effects , , ). In these settings, the absence of diminishing returns meant that the accumulation of capital could sustain growth indefinitely, although the rates of growth and investment might not be Pareto optimal. Subsequent analyses argued that technological progress generated by the discovery of new ideas was the only way to avoid diminishing returns in the long run. In these models, the purposive behavior that underlay innovations hinged on the prospect of monopoly profits, which provided individual incentives to carry out costly research , Ag

Who reads Institutions and Growth, an Introductory Essay?

Author

Robert J. Barro

Publisher

Springer; Springer-Verlag; Kluwer Academic Publishers; Springer Science and Business Media LLC (ISSN 1381-4338)

Published

1996

Language

EN

Field

Economics, Econometrics and Finance (Social Sciences)