Introduction to Modern Economic Growth [Hardcover]

Daron Acemoglu (Author)

Book Description

Publication Date: December 15, 2008 | ISBN-10: 0691132925 | ISBN-13: 978-0691132921

Introduction to Modern Economic Growth is a groundbreaking text from one of today's leading economists. Daron Acemoglu gives graduate students not only the tools to analyze growth and related macroeconomic problems, but also the broad perspective needed to apply those tools to the big-picture questions of growth and divergence. And he introduces the economic and mathematical foundations of modern growth theory and macroeconomics in a rigorous but easy to follow manner.

After covering the necessary background on dynamic general equilibrium and dynamic optimization, the book presents the basic workhorse models of growth and takes students to the frontier areas of growth theory, including models of human capital, endogenous technological change, technology transfer, international trade, economic development, and political economy. The book integrates these theories with data and shows how theoretical approaches can lead to better perspectives on the fundamental causes of economic growth and the wealth of nations.

Innovative and authoritative, this book is likely to shape how economic growth is taught and learned for years to come.

• Introduces all the foundations for understanding economic growth and dynamic macroeconomic analysis
• Focuses on the big-picture questions of economic growth
• Provides mathematical foundations
• Presents dynamic general equilibrium
• Covers models such as basic Solow, neoclassical growth, and overlapping generations, as well as models of endogenous technology and international linkages
• Addresses frontier research areas such as international linkages, international trade, political economy, and economic development and structural change
• An accompanying Student Solutions Manual containing the answers to selected exercises is available (978-0-691-14163-3/$24.95). See: http://press.princeton.edu/titles/8970.html.
• For Professors only: To access a complete solutions manual online, email us at: [e-mail]

Editorial Reviews

Review

It's hard not to be impressed by Acemoglu's mastery of the subject and for a handful of top graduate programs this is clearly the book for the next generation. (Tyler Cowen Marginal Revolution )

From the Inside Flap

"Reading Daron Acemoglu's massive and masterly survey makes me feel like one of the Wright brothers coming face to face with a Boeing 747 for the first time. The range is enormous, from the simplest model to the political economy of growth, and everything is traced back to fundamentals with great skill and care. Being stranded on a desert island with this book and a large pad of paper would be a pleasure."--Robert M. Solow, Nobel Laureate in Economics

"Daron Acemoglu's Introduction to Modern Economic Growth takes the reader on a fascinating journey to discover the foundations of major growth theories, from the neoclassical paradigm to the most recent endogenous growth models. This book is required reading for anyone who wants to master the fields of growth and development economics."--Philippe Aghion, Harvard University

"This book is impressive in both its breadth and its depth. It offers an ideal access point to the current frontier in growth theory; readers will find a remarkably thorough treatment of all the key models and technical tools of dynamic macroeconomics. At the same time, real-world economic and policy issues always remain in sharp focus, thanks to a constant back-and-forth between theory, the most recent empirical studies, and the lessons of economic history. It will quickly become a much-thumbed book on the shelf of all those interested in growth, development, and macroeconomics."--Roland J. M. Benabou, Princeton University

"This is much more than a textbook on growth theory; it is a milestone in macroeconomics. It provides a unified approach to the study of economic dynamics, including a rigorous yet teachable background in recursive methods and dynamic optimization, and an impressive range of macroeconomic topics. What is most fascinating is the tour of the state-of-the-art literature on long-run development to which the author has been a leading contributor."--Fabrizio Zilibotti, University of Zurich

"An extraordinary achievement by an extraordinary intellect, this book provides a remarkably comprehensive overview of modern growth economics as well as a window into Daron Acemoglu's fundamentally important perspectives and insights. For years to come, it will be a cornerstone for advanced teaching and an invaluable resource for researchers. It represents economics at its most profound."--Steven N. Durlauf, University of Wisconsin-Madison

"This book will be a landmark in growth economics. Its scope and depth are remarkable, and the benefits of this new synthesis are clear. Many of the chapters are likely to prompt ideas for further research, and the book will be a major event for researchers and graduate students alike."--Jonathan Temple, University of Bristol

"This is a pathbreaking, fundamentally important work."--Charles Jones, University of California, Berkeley

See all Editorial Reviews

Product Details

• Hardcover: 552 pages
• Publisher: Princeton University Press (December 15, 2008)
• Language: English
• ISBN-10: 0691132925
• ISBN-13: 978-0691132921
• Product Dimensions: 6 x 1.6 x 9 inches
• Shipping Weight: 4.2 pounds (View shipping rates and policies)
• Average Customer Review: 4.3 out of 5 stars  See all reviews (12 customer reviews)
• Amazon Best Sellers Rank: #198,347 in Books (See Top 100 in Books)
  • #20 in Books > Business & Investing > Economics > Comparative

More About the Author

Daron Acemoglu is the Killian Professor of Economics at MIT. In 2005 he received the John Bates Clark Medal awarded to economists under forty judged to have made the most significant contribution to economic thought and knowledge. (Photo by Peter Tenzer.)

Most Helpful Customer Reviews

28 of 33 people found the following review helpful

5.0 out of 5 stars Excellent; a must-have for those interested in growth theory June 28, 2009

By Dumas

Format:Hardcover

It's sad to see how this forum is used by "geniuses" such as Thornstein Veblen (who probably hasn't read the book) to write uninformative reviews that make no sense. I guess the profound influence that Acemoglu has had on economists across the world as well as the John Bates Clark medal granted to him by the American Economic Association in 2005 speak for themselves...

Now let's move to the book (which is what these reviews are supposed to be about):

I've had the opportunity to go through the book carefully and I think it is hard to find an economics textbook that is as comprehensive and self-contained as this one.

The first part convincingly motivates what the most important open questions in the study of economic growth are. It even touches on topics such as institutions, and geography which many growth textbooks often ignore.

The chapters in parts I-III are very useful for teaching an intermediate course in Economic Growth, with very detailed and rigorous explanations of the formal arguments. I loved the fact that he takes the time to go through some of the details of the proofs which is very helpful both for students and teachers.

Parts IV-VIII contain more advanced material on very relevant topics such as technology, trade, and political economy. I especially liked part VIII on the Political Economy of Growth which only a textbook written by Acemoglu, who has made some of the most recent substantial contributions to this field, could include.

Last but not least, I am sure students will be very thankful for the very detailed Mathematical Appendices that level the field (to some extent) for students with different mathematical backgrounds.

In sum, I totally recommend this textbook to both intermediate and graduate students interested in the study of economic growth. Only an economist who has made contributions to some of the topics covered in the book could write such a great textbook.

14 of 17 people found the following review helpful

5.0 out of 5 stars Your best companion July 14, 2009

By Quijote

Format:Hardcover

Here is how good this book is. I recently moved and, upon organizing my economics books on my bookshelves, I had a truly hard time figuring out where to put Acemoglu's Introduction to Modern Economic Growth.

It could be beside my other growth theory textbooks, which will have to accept their place as just timid predecessors of this amazingly comprehensive and yet equally pedagogical volume. Or, given its excellent treatment of Dynamic Optimization Methods, I could place it by the couple of best graduate-level Macroeconomic and Macroeconomic Methods textbooks around. Even placing it along my Microeconomics textbooks did not seem far-fetched; Acemoglu truly conveys much of the intricacies of General Equilibrium Theory with a clarity I have not found elsewhere. And then, of course, the Mathematical Appendix has been such a useful constant reference since I have the book, that I could well put it together with my Mathematical Economics books.

As a young economist, I have no doubt that this book will be a great companion in the years to come and I recommend it to anyone who is passionate about economics.

16 of 20 people found the following review helpful

5.0 out of 5 stars Great Breadth January 24, 2009

By Student

Format:Hardcover

The book is excellent for its extensive coverage. In addition to discussing growth models, as the title suggests, it includes discussions about the tools used to solve these models. Such topics inlude the theory of optimization in both continuous and discrete time. However, for extensive treatments of dynamic programming and continuous time optimization, there are better books devoted to those topics alone, however, it is nice to have the important results all in one book.

Another nice feature of the book is the discussion of the fundamental theorems in a variety of settings. It is really convenient to have these, along with detailed proofs, in the same book that covers specific growth models.

Having said that, the most important thing is that there is a very solid treatment of economic growth, both from an empirical and theoretical perspective. Most of the recent developments are given at least some discussion and excellent motivation. To have all of these covered in one book is really amazing, and the author ties it all together very nicely.

I find the exercises to be crucial for understanding new material, with some being easy and others quite difficult. I think this book is a must have for graduate students who want to get there feet wet in growth theory.