Authors: Elhanan Helpman
ISBN-13: 9780674046054, ISBN-10: 0674046056
Format: Paperback
Publisher: Harvard University Press
Date Published: May 2010
Edition: (Non-applicable)
Elhanan Helpman is Galen L. Stone Professor of International Trade at Harvard University and a Fellow at the Canadian Institute for Advance Research.
Far more than an intellectual puzzle for pundits, economists, and policymakers, economic growthits makings and workingsis a subject that affects the well-being of billions of people around the globe. In The Mystery of Economic Growth, Elhanan Helpman discusses the vast research that has revolutionized understanding of this subject in recent years, and summarizes and explains its critical messages in clear, concise, and accessible terms.
The tale of growth economics, as Helpman tells it, is organized around a number of themes: the importance of the accumulation of physical and human capital; the effect of technological factors on the rate of this accumulation; the process of knowledge creation and its influence on productivity; the interdependence of the growth rates of different countries; and, finally, the role of economic and political institutions in encouraging accumulation, innovation, and change.
One of the leading researchers of economic growth, Helpman succinctly reviews, critiques, and integrates current researchon capital accumulation, education, productivity, trade, inequality, geography, and institutionsand clarifies its relevance for global economic inequities. In particular, he points to institutionsincluding property rights protection, legal systems, customs, and political systemsas the key to the mystery of economic growth. Solving this mystery could lead to policies capable of setting the poorest countries on the path toward sustained growth of per capita income and all that that impliesand Helpman's work is a welcome and necessary step in this direction.
In this book, Elhanan Helpman reviews and analyzes economic growth, by pointing out the importance of input accumulation, trade, inequality, innovation, productivity, and institutions. He uses the most basic concept to outline what we know, what we do not know, and what we ought to know about the subject on a comprehensive and understandable manner. Such an approach should enable even noneconomists to become involved in the "growth mystery" without resorting to complex mathematical formulations...Overall, the book is well written, and the author is indeed highly knowledgeable on the issue at hand and his views are quite insightful and helpful in our understanding of economic growth, along with providing encouragement to developing countries.
1 Background 1
2 Accumulation 9
3 Productivity 19
4 Innovation 34
5 Interdependence 55
6 Inequality 86
7 Institutions and politics 111