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This volume contains papers presented at a conference in May 1988 in Washington, D.C., commemorating the fiftieth anniversary of the founding of the Conference on Research in Income and Wealth (CRIW). The call for papers emphasized assessments of broad topics in economic measurement, both conceptual and pragmatic. The organizers desired (and succeeded in obtaining) a mix of papers that, first, illustrate the range of measurement issues that economics as a science must confront and, second, mark major milestones of CRIW accomplishment. The papers concern prices and output (Griliches, Pieper, Triplett) and also the major productive inputs, capital (Hulten) and labor (Hamermesh). Measures of saving, the source of capital accumulation, are covered in one paper (Boskin); measuring productivity, the source of much of the growth in per capita income, is reviewed in another (Jorgenson). The use of economic data in economic policy analysis and in regulation are illustrated in a review of measures of tax burden (Atrostic and Nunns) and in an analysis of the data needed for environmental regulation (Russell and Smith); the adequacy of data for policy analysis is evaluated in a roundtable discussion (chapter 12) involving four distinguished policy analysts with extensive government experience in Washington and Ottawa.
These two volumes present empirical studies that have permanently altered professional debates over investment and productivity as sources of postwar economic growth in industrialized countries. The distinctive feature of investment is that returns can be internalized by the investor. The most straightforward application of this idea is to investments that create property rights, but these volumes broaden the meaning of capital formation to include investments in education and training. International Comparisons of Economic Growth focuses on comparisons among industrialized countries. Although Germany and Japan are often portrayed as economic adversaries of the U.S., postwar experiences in all three countries support policies that give high priority to stimulating and rewarding capital formation. In the Asian model of growth exemplified by Japan investments in tangible assets and human capital are especially critical during periods of rapid growth.
This volume brings together the proceedings of a conference held at the Institut Europeen d' Administration des Affaires (INSEAD) at Fontainebleau on July 5, 6, and 7, 1982. Summer conferences abound in the Paris region. That it was possible to attract an imposing international cast of economists within walking distance of the historic castle of Fontainebleau and one hour away from central Paris by car during the month of July is nothing especially surprising. But in this case there was a particular motivation for choosing the French site.
Recent developments in economics have gone from the recognition of the importance of innovation for growth and the exploration of innovation mechanisms to the incorporation of the results of the previous research into economic models. An important lesson to be drawn from all this research is that a purely macro-based analysis of growth is not enough. The various mechanisms of innovation creation and diffusion, the importance of agent heterogeneity, of market selection processes, of the internal organization of the firm and of organizational routines, and the obsolescence and the consequent emergence of new types of capital goods are a few examples of micro-economic phenomena that contribute decisively to macro-economic development. The papers in this volume approach those issues from a Schumpeterian point of view and tackle issues like the growing importance of knowledge and human capital; increasing returns and path dependence; the role of variety in economic growth; competition and industry evolution.
Conference report on changing South South economic relations in the framework of a New International Economic Order - investigates trade relations between developing countries at different levels of development, effects of capital flows and trade on the emergence of semi- peripheral economies, (esp. Newly industrializing countries), Brazil' s trade relations with Nigeria and its trade policy towards Africa, and examines the expanding role of India's multinational enterprises in LDCs. References. Conference held in Kungaelv 1981 May 17 to 20.
This volume brings together a number of new studies concerned with some of the topical problems of taxation. In Part I, limits of taxation are considered from the viewpoint of normative tax theory, its relation to the 'hidden' economy, and in terms of empirical estimates of the effects of taxes. Part II contains three theoretical studies which extend the theory of income taxation and redistribution. Part III deals with the corporate tax and contains both theoretical and empirical contributions. In conclusion, Part IV is devoted to two analyses of alternatives to income and corporate taxation. The authors represent a number of different countries and viewpoints.
V.1 Capital theory and investment behavior -- V.2 Tax policy and the cost of capital.
The long-awaited second edition of an important textbook on economic growth—a major revision incorporating the most recent work on the subject. This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence. The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory. The book has been expanded in many areas and incorporates the latest research. After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s and Cass-Koopmans in the 1960s to more recent refinements; this is followed by a discussion of extensions to the model, with expanded treatment in this edition of heterogenity of households. The book then turns to endogenous growth theory, discussing, among other topics, models of endogenous technological progress (with an expanded discussion in this edition of the role of outside competition in the growth process), technological diffusion, and an endogenous determination of labor supply and population. The authors then explain the essentials of growth accounting and apply this framework to endogenous growth models. The final chapters cover empirical analysis of regions and empirical evidence on economic growth for a broad panel of countries from 1960 to 2000. The updated treatment of cross-country growth regressions for this edition uses the new Summers-Heston data set on world income distribution compiled through 2000.