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1、NewGrowthTheoryandDevelopmentEconomicsHeinzD.Kurz&NeriSalvadoriIntroductionAfteraperiodofrelativecalmintheaftermathoftheso-calledCambridgeCambridgecontroversiesinthetheoryofcapital(foranoverwiew,seeKurzandSalvadori,1995,chapter14)whichhaddealtaseriousblowtothelong-periodversionofneo
2、classicaltheoryingeneralandtheSoloviangrowthmodelbasedonanaggregateproductionfunctioninparticular(Solow,1956),growtheconomicshasbecomeagainoneofthemostvibrantareasofresearchineconomicsinthelasttwodecades.Therevivalwasspurredbytheoreticalandempiricalcontributions.Newmodellingtechniqu
3、esimportedfromotherareasineconomicswereusedinorderto‘endogenize’technologicalprogresswithinamacroeconomicintertemporalgeneralequilibriumframeworkandthusovercomeamajorshortcomingofSolow’smodel–thetreatmentoftechnologicalchangeasexogenous.Thisisalsothereasonwhythenewclassofmodelsarefr
4、equentlydubbed‘endogenous’.Theconstructionofnewdatasetsforalargenumberofcountries,inparticularthePennWorldTable(SummersandHeston,1991;Heston,SummersandAten,2002)andMaddison(2001),hasledtoarevivedinterestinempiricalstudieswhichinturnhavethrownupnewproblemsforgrowththeory.Theexistingl
5、iteratureishugeandstillrapidlygrowing.Forsummaryaccountsofthepresentstateoftheartinthisareaofresearch,see,inparticular,BarroandSala-i-Martin(2003),Jones(2002),AghionandHowitt(1998),andAghionandDurlauf(2005).Whileneoclassicalgrowththeoryhadfirsttoovercomethestraitjacketoftheexogeneit
6、yofthelong-termgrowthrateinSolow,inalternativeapproachesthiswasnotnecessary.Therethegrowthratehasalwaysbeenconsideredasendogenous,shapedbythebehaviourofagents,thedistributionofincome,socialinstitutionsetc.TheverystresstheclassicalauthorsinthetraditionofAdamSmithlaidontheunintendedso
7、cialconsequencesofpurposefulactivitiesofindividualsorgroupsofpeopleactingwithinahighlycomplexsystemofaneverdeeperdivisionofsociallabour,characterizedbyscarcenaturalresources,technicalinnovationsandchangingsocialrelationsisincompatiblewiththeideaofanexogenouslygivengrowthrate.Thisimp
8、ressionisalreadycor
