From Nobel Prize–winning economist Daron Acemoglu, an incisive introduction to economic growth
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: https://press.princeton.edu/titles/8970.html
• For Professors only: To access a complete solutions manual online, email us at: acemoglusolutions@press.princeton.edu
Daron Acemoglu, winner of the 2024 Nobel Prize in economics, is the Charles P. Kindleberger Professor of Applied Economics at the Massachusetts Institute of Technology. "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 recurs
