Abstract
Fifty year have passed since Solow’s [21] paper on economic growth theory has been published. With a non-specialized reader in mind, we present the main ensuing phases of the theory and the way our own research relates to it. The history of growth theory is conventionally divided into two phases: until early 1970’s, the research is labeled exogenous growth theory, and, starting in late 1980’s until the present, the new growth or endogenous growth theory is being developed. We present the main models of both theories, the stylized facts of growth and a broad view on their compliance of theory with them. At last, we report some avenues that we have been exploring, as well as their motivation and results. This research addresses the topics: existence of multiple BGP’s, indeterminacy, non-monotonous transitions and an exploration on the integration of spatial and growth theories using PDE’s.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Ph. Aghion and S. N. Durlauf, editors. Handbook of Economic Growth,, volume 1A & 1B. Elsevier, 2005.
Ph. Aghion and P. Howitt. Endogenous Growth Theory. MIT Press, 1998.
K. Arrow and M. Kurz. Optimal Investment and Growth. MIT Press, 1971.
R. J. Barro and X. Sala-i-Martin. Economic Growth. MIT Press, 2nd edition, 2004.
P. Brito. The dynamics of growth and distribution in a spatially heterogeneous world. Working Papers of the Department of Economics, ISEG-UTL http://ideas.repec.org/p/ise/isegwp/wp142004.html, November 2004.
P. Brito and A. M. Pereira. Housing and Endogenous Long-Term Growth. Journal of Urban Economics, 51:246–71, 2002.
P. Brito and A. M. Pereira. Convergent cyclical behavior in endogenous growth with housing. Unpublished, 2003.
P. Brito and A. Venditti. Local and global indeterminacy in two-sector endogenous growth models. Unpublished, 2002.
D. Cass. Optimum growth in an aggregative model of capital accumulation. Review of Economic Studies, 32:233–40, 1965.
M. Fujita and J. Thisse. Economics of Agglomeration. Cambridge U. Press, 2002.
N. Kaldor. Capital accumulation and economic growth. In Friedrich A. Lutz and Douglas C. Hague, editors, Proceedings in a Conference Held by the International Economics Association. Macmillan, 1963.
T. Koopmans. On the concept of optimal economic growth. In The Econometric Approach to Development Planning. Pontificiae Acad. Sci., North-Holland, 1965.
P. Krugman. Space: the last frontier. Journal of Economic Perspectives, 12(2):161–174, Spring 1998.
R. E. Lucas. On the mechanics of economic development. Journal of Monetary Economics, 22(1):3–42, 1988.
Ph. Michel. Some Clarifications on the Transversality Condition. Econometrica, 58: 705–23, 1990.
L. S. Pontryagin, V. G. Boltyanskii, R. V. Gamkrelidze, and E. F. Mishchenko. The Mathematical Theory of Optimal Processes. Interscience Publishers, 1962.
F. P. Ramsey. A mathematical theory of saving. Economic Journal, 38 (Dec):543–59, 1928.
S. Rebelo. Long run policy analysis and long run growth. Journal of Political Economy, 99(3):500–21, 1991.
P. Romer. Increasing Returns and Long-Run Growth. Journal of Political Economy, 94(5):1002–37, October 1986.
P. Romer. Endogenous Technological Change. Journal of Political Economy, 98(5): S71–S102, October 1990.
R. Solow. A contribution to the theory of economic growth. Quarterly Journal of Economics, 70(1):65–94, 1956.
T. Swan. Economic Growth and Capital Accumulation. Economic Record, 32:334–61, 1956.
H. Uzawa. Optimal Growth in a Two-Sector Model of Capital Accumulation. Review of Economic Studies, 31:1–24, January 1964.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2007 Springer
About this paper
Cite this paper
Brito, P.B. (2007). Economic Growth Theory, Fifty Years After. In: Pereira, M.S. (eds) A Portrait of State-of-the-Art Research at the Technical University of Lisbon. Springer, Dordrecht. https://doi.org/10.1007/978-1-4020-5690-1_13
Download citation
DOI: https://doi.org/10.1007/978-1-4020-5690-1_13
Publisher Name: Springer, Dordrecht
Print ISBN: 978-1-4020-5689-5
Online ISBN: 978-1-4020-5690-1
eBook Packages: EngineeringEngineering (R0)