We wish to understand how economic growth works. We start with the history of economic performance over the past 2000 years, working out which countries have enjoyed sustained growth and, most important, how they did it. We look at the effects of growth - the good and the bad. The benefits of growth, in terms of life, health, education, leisure, opportunities and enjoyment, have been enormous; the bads, we show, can be managed by appropriate policies. Then we pull all the growth mechanisms together so as to extend the conventional theory of economic growth, to explain the causes as well as the results of growth.
The extended theory focuses on markets and industries; it shows how new products pull the economy along a continuing growth path. Demand features - product design, marketing, credit and the consumer society - are central to this process. At the same time, supply expansion, from investment and productivity gains, sustains the growing demand as well as increases incomes. In the right conditions, demand and supply come together to generate continuing growth.
'Economic Growth offers a new view of the growth process, unique in its combination of historical depth, intellectual rigor and practical relevance. Its insights will interest academic and professional economists, while its comprehensive treatment and lucid explanations make it an excellent handbook for everyone interested in economic growth.
Preface
1. Introduction
If there had not been growth; What is Economic Growth?; Measuring growth; A history of income; A broad history of economic growth; The growth leaders; Growth rates; The conventional theory of growth; Our objective
2. The world before economic growth
The Roman Empire; The Renaissance; The Spanish Empire; The Netherlands; Imperial China; Other countries; Why no growth?
3. The start of growth - Britain
A succession of changes; British agriculture; The cotton industry; The woolen industry; The steam engine; Coal; Iron and steel; Railways; Shipping; Economic growth in Britain
4. The leader - United States
The new leader; Agriculture; Electricity; Telecommunications; Motor vehicles; Aircraft; Transportation; Consumer appliances; Steel; Petroleum; Chemicals; Retailing; Advertising; Marketing; Entertainment; Finance; Information technology; Health care; Economic growth in the United States
5. Other countries, other systems
Maintaining growth; Coat-tail growth; Communism; Empire; Japan; Republic of Korea; China; Catch-up growth
6. Effects of economic growth
Population; Higher incomes; Education; Time; Mobility; Urbanization; Natural Resources; Local environmental effects; Broad environmental effects; Well being
7. Past theories of economic growth
Adam Smith; David Ricardo; Karl Marx; John Maynard Keynes; Milton Friedman; Wassily Leontief; Simon Kuznets; Walt Rostow; Modern growth theory; Growth accounting; Economic theory in the world
8. The mechanics of growth
Breaking through constraints; Industry growth; Different types of industry growth; The growth path for leading industries; The logistic model; Creating industry growth; The consumer society; Example - automobiles; Sequence of leaders; Sustaining industry growth; Capital; Process innovation; Productivity in industry growth; What drives innovation; Some innovation leaders; Innovation Hall of Fame; Demand and supply; Creative destruction?; The mechanics of growth
9. Extending the theory of economic growth
Three types of growth; Overview of the theory; Pre-conditions for growth; Growth in potential output; Increasing productivity; Growth in total spending; Growth industries; Mainstream industries; Declining industries; The vital sequence; Micro foundations to growth; Resource mobility; Growth accounting; Changing structure; Incomes; The role of government; Stability; Relationship to existing theory
10. Conclusions
What, when, where, how and why; Freedom; A good thing; Can economic growth continue?; Risks to economic growth; Will economic growth continue?
Appendix 1 Units of Measurement
Appendix 2 The United Kingdom
Appendix 3 Sources of data
References
Index
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