Economic Growth A Unified Approach 2nd Edition by Olivier De La Grandville ISBN 978-1107115231 110711523X

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Product details: 

ISBN 10:   110711523X

ISBN 13: 978-1107115231

Author: Olivier De La Grandville
In the second edition of this user-friendly book, Olivier de La Grandville provides a clear and original introduction to the theory of economic growth, its mechanisms and its challenges. The book has been fully updated to incorporate several important new results and proofs since the first edition. In addition to a progressive treatment of dynamic optimization, readers will find intuitive derivations of all central equations of the calculus of variations and of optimal control theory. It offers a new solution to the fundamental question: How much should a nation save and invest? La Grandville shows that the optimal savings rule he suggests not only corresponds to the maximization of future welfare flows for society, but also maximizes the value of society’s activity, as well as the total remuneration of labour. The rule offers a fresh alternative to dire current predictions about an ever-increasing capital–output ratio and a decrease of the labour share in national income.

Table of contents: 

PART I — POSITIVE GROWTH THEORY
The welfare of society and economic growth

The growth process

Poverty traps

A production function of central importance

The CES production function as a general mean (in collaboration with Robert M. Solow)

Capital-labour substitution and economic growth (in collaboration with Robert M. Solow)

Why has the elasticity of substitution most often been observed as smaller than 1? And why is it of importance?

The long-term growth rate as a random variable, with an application to the US economy

PART II — OPTIMAL GROWTH THEORY
Optimal growth theory: an introduction to the calculus of variations

Deriving the central equations of the calculus of variations with a single stroke of the pen

Other major tools for optimal growth theory: the Pontryagin maximum principle and the Dorfmanian

First applications to optimal growth

Optimal growth and the optimal savings rate

PART III — A UNIFIED APPROACH
Preliminaries: interest rates and capital valuation

From arbitrage to equilibrium

Why is traditional optimal growth theory mute? Restoring its rightful voice

Problems in growth: common traits between planned economies and poor countries

From Ibn Khaldun to Adam Smith; a proof of their conjecture

Capital and economic growth in the coming century

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Tags: Olivier De La Grandville, Economic Growth, A Unified Approach