Economic Growth and Income Distribution

Empirical findings (The Penn World Table). The "classical" theory of growth and distribution (one and two sector models): reproducible goods, non reproducible goods (land), scarcity, rent; population dynamics; different forms of technical progress. The von Neumann model: choice of technique in a general model of joint production. The "Keynesian" theory of growth: saving and investment and the problem of effective demand; Harrod on short-term and secular instability; the postkeynesian contributions of Kaldor and Pasinetti. "Neoclassical" contributions in the tradition of Solow and Swan: dynamic equilibrium and dynamic steady state equilibrium without and with exogenous technical progress; neutrality concepts of technical progress; optimal growth. "New" growth theory: intertemporal optimising; "knowledge" as a quasi public good; the AK model; human capital and externalities: the Lucas model; research and development: Romer's contributions; the model of "creative destruction" of Aghion and Howitt.

For more details we refer to UNIGRAZonline.

Literature

  • Barro, R. J. / Sala-i-Martin, X. (1995): Economic Growth, New York.
  • Aghion, P. / Howitt, P. (1998): Endogenous Growth Theory, Cambridge, Mass., and London.
  • Eltis, W. (1984): The Classical Theory of Economic Growth, London.
  • Felipe, J. / McCombie J. S. L. (2005): Why are some countries richer than others? A skeptical view of Mankiw-Romer-Weil's test of the neoclassical growth model, Metroeconomica, 56, S. 360-392.
  • Foley, D. / Michl, T. (1999): Growth and Distribution, Cambridge, Mass.
  • Helpman, E. (2004): The Mystery of Economic Growth, Cambridge, MA, und London.
  • Jones, C. I. (1998): Introduction to Economic Growth, New York: W. W. Norton & Co.
  • Kurz, H. D. / Salvadori, N. (1993): Von Neumann's Growth Model and the 'Classical' Tradition, The European Journal of the History of Economic Thought, Bd. 1, S. 129-160.
  • Kurz, H. D. / Salvadori, N. (1995): Theory of Production. A Long-Period Analysis, insbesondere Kap. 2-4 und 14-15, Cambridge: University press.
  • Kurz, H. D. / Salvadori, N. (2003): Classical Economics and Modern Theory. Studies in Long-period Analysis, London.
  • Maußner, A. / Klump, R. (1996): Wachstumstheorie, Berlin: Springer.
  • Romer, P. M. (1990): Endogenous technological change, Journal of Political Economy, 98, S. 71-102.

Head of Institute

Univ.-Prof. Dr.

Michael Finus

Universitätsstraße 15/F4
8010 Graz

Phone:+43 316 380 - 3450

Staff

Bianca Watzke, M.A.

Phone:+43 316 380 - 7113

Irene Hye, M.A.

Phone:+43 316 380 - 3448