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Economic growth : a unified approach / Olivier de La Grandville ; with two special contributions by Robert M. Solow.

By: Contributor(s): Material type: TextTextPublication details: Cambridge : Cambridge University Press, 2009.Description: xiii, 361 p. : ill. ; 26 cmISBN:
  • 9780521898010
Subject(s): DDC classification:
  • 338.9001 23 G755
Contents:
pt. I. Positive Growth Theory -- 1. The welfare of society and economic growth -- 2. The growth process -- 3. A production function of central importance -- 4. The CES production function as a general mean -- 5. Capital-labour substitution and economic growth (in collaboration with Robert M. Solow) -- 6. The long-term growth rate as a random variable, with an application to the US economy -- pt. II. Optimal Growth Theory -- 7. Optimal growth theory: an introduction to the calculus of variations -- 8. Other major tools for optimal growth theory: the Pontryagin maximum principle and the Dorfmanian -- 9. First applications to optimal growth -- 10. Optimal growth and the optimal savings rate -- pt. III. A Unified Approach -- 11. Preliminaries: interest rates and capital valuation -- 12. From arbitrage to equilibrium -- 13. Optimal savings: a general approach -- 14. Problems in growth: common traits between planned economies and poor countries-- 15. From Ibn Khaldum to Adam Smith, and a proof of smith's conjecture-- References-- Index.
Summary: In this user-friendly book, Olivier de la Grandville provides a fascinating introduction to the theory of economic growth and shows how many results from this field are of paramount importance for society. The classical mechanics of the growth process are carefully explained, with two chapters devoted to the fundamental issue of the substitution of labor for capital in the growth process (co-written with Robert M. Solow, winner of the Nobel Prize in Economics). The book also addresses the fundamental question of the optimal investment rate of an economy. In addition, de la Grandville shows us that by unifying the descriptive and normative aspects of growth theory we can generate many fresh insights, including a proof of Adam Smith's 'Invisible Hand' conjecture.
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Holdings
Item type Current library Call number Status Date due Barcode Item holds
Books ISI Library, Kolkata 338.9001 G755 (Browse shelf(Opens below)) Available 135906
Total holds: 0

Includes bibliographical references (p. 351-355) and index.

pt. I. Positive Growth Theory --
1. The welfare of society and economic growth --
2. The growth process --
3. A production function of central importance --
4. The CES production function as a general mean --
5. Capital-labour substitution and economic growth (in collaboration with Robert M. Solow) --
6. The long-term growth rate as a random variable, with an application to the US economy --

pt. II. Optimal Growth Theory --
7. Optimal growth theory: an introduction to the calculus of variations --
8. Other major tools for optimal growth theory: the Pontryagin maximum principle and the Dorfmanian --
9. First applications to optimal growth --
10. Optimal growth and the optimal savings rate --

pt. III. A Unified Approach --
11. Preliminaries: interest rates and capital valuation --
12. From arbitrage to equilibrium --
13. Optimal savings: a general approach --
14. Problems in growth: common traits between planned economies and poor countries--
15. From Ibn Khaldum to Adam Smith, and a proof of smith's conjecture--
References--
Index.

In this user-friendly book, Olivier de la Grandville provides a fascinating introduction to the theory of economic growth and shows how many results from this field are of paramount importance for society. The classical mechanics of the growth process are carefully explained, with two chapters devoted to the fundamental issue of the substitution of labor for capital in the growth process (co-written with Robert M. Solow, winner of the Nobel Prize in Economics). The book also addresses the fundamental question of the optimal investment rate of an economy. In addition, de la Grandville shows us that by unifying the descriptive and normative aspects of growth theory we can generate many fresh insights, including a proof of Adam Smith's 'Invisible Hand' conjecture.

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