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Economic growth is an issue of primary concern to policy makers in both developed and developing economies. As a consequence, growth theory has long occupied a central role in economics. In this book, renowned growth theorist Stephen J. Turnovsky investigates the process of economic growth in a small open economy, showing that it is sensitive to the productive structure of the economy. The book comprises three parts, beginning with models where the only intertemporally viable equilibrium is one in which the economy is always on its balanced growth path. Empirical evidence suggests relatively slow speeds of convergence so the second part of the book looks at several alternative ways in which transitional dynamics may be introduced. In the third and final part, the author applies the growth model to the issue of foreign aid, focusing specifically on whether aid should be untied or tied to the accumulation of public capital.
Kenwood and Lougheed's classic book has been the benchmark introduction to the development of the global economy for half a century. For this new, fifth edition, Michael Graff has helped bring the story up to date to include events of the early part of the twenty first century - continued globalization, the emergence of China and India as economic powers and the greater role played by business on the international scene.
Beginning with the industrial revolution, the book charts the long nineteenth century, the impact of colonialism, the fast pace of technology growth and the impact of global wars. New features to this edition include:
- a new chapter providing the initial conditions faced by the world economy in 1820, detailing the early years of industrialization and the influence of the slave trade.
- greater coverage of developing countries, in particular as certain of those countries have risen to prominence and greater influence
- increased coverage of World Wars I and II and greater coverage of the twentieth century in particular.
This edition of Growth of the International Economy provides the student with a clear understanding of those factors which have been instrumental in creating the economic environment we face two hundred years after the industrial revolution.
Midlife - our 40s and 50s - can be some of the most important years of our lives in spiritual terms. They are also times of change, which can include turbulent emotional transitions as we encounter a range of challenging personal issues. Tony Horsfall not only addresses a number of such issues - from facing up to the past to renegotiating relationships - but explores how to navigate a spiritual journey through these years, leading to deeper faith and a closer walk with God.