REVIEW OF ELHANAN HELPMAN'S BOOK THE MYSTERY OF ECONOMIC GROWTH 评埃尔赫南·赫尔普曼地《神秘》 经济增长.pdf

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1、IsraelEconomicReviewVol.5No.2(2007),129–139REVIEWOFELHANANHELPMAN'SBOOK:"THEMYSTERYOFECONOMICGROWTH"*ASSAFRAZINThisbook,"TheMysteryofEconomicGrowth,"whichwasrecentlypublishedinHebrew,providesanexcellentnon-technicaldescriptionofthedevelopmentsofgrowtheconomicsoverthelasthalfcentury.Thestoryoftheide

2、asandresearchofthetheoryandempiricsofeconomicgrowthisorganizedaroundfourthemes.First,theimportanceoftheaccumulationofphysicalandhumancapitalfortheexplanationofincomelevelsandgrowthratesacrosscountries.Second,theimportanceofknowledgecreationandtotalfactorproductivityforeconomicgrowth.Thediscussionev

3、olvesaroundtheimpactofresearchanddevelopment,learning-by-doing,externaleffects(externalities)andincreasingreturns.Tounderstandthedeterminantsofknowledgeaccumulationoneneedstoinvestigatealsotheincentivesforknowledgecreationanddiffusion.Third,theimportanceofvariousglobalizationtrendsanddevelopmentsan

4、dtheinternationaltransmissionoftechnologicalinnovationandknowledgeforexpansionofnewtechniquesofproduction.Fourth,theroleplayedbyeconomicinstitutionsoneconomicgrowth,andthegrowtheffectsofeconomicpolicythattheseinstitutionshelpimplement.Basedonalargebodyofempiricalresearch,theprincipalconclusionthate

5、mergesfromthebook"TheMysteryofEconomicGrowth"isthatlong-termeconomicgrowthstemslargelyfromeconomicinstitutionsthatfacilitatetechnologicalinnovationandadoptionofnewtechnologies.Thesolutiontothepuzzleofeconomicgrowth,accordingtoElhananHelpman,couldbefoundonlyifweunderstandtheroleplayedbytherelevantec

6、onomicandpoliticalinstitutions.Ibeginbydescribingthebook'schaptersindetail.1.EMPIRICALREGULARITIESThischapterprovidesadescriptionofkeyempiricalfactsandregularities,whichareabenchmarkthroughwhichwecanusefullyjudgethepowerofeconomicgrowththeory.Thechapterconvincinglydemonstratesthattherearehugediffer

7、encesinpercapitaincomeamongdifferentcountries.Thesedifferencesaremuchgreatertodaythanatanytimeinthepast.Therelativelysmallincomedifferencesbetweencountriesbeforetheearlynineteenthcenturybegantowidenduringth