Enhanced descriptions from Syndetics:

Two hundred years ago, the first Industrial Revolution sparked a dramatic acceleration in the quantity of goods and services available to the average citizen--a trend of steadily increasing real income per capita that continues to this day. Since that time, economists have struggled to develop systematic explanations for what caused the sudden, rapid increase, why the economy keeps growing, and why the rate of growth varies in different time periods and nations. In this book, F. M. Scherer traces the evolution of economic growth theory from the Industrial Revolution to the present. Emphasizing technological change as the most crucial dynamic force for growth, Scherer analyzes early hypotheses that paid little attention to new technologies, follows the emergence of theories that increasingly emphasized technological change, and reviews the current state of economic growth theory. Pointing out a lack of solid microbehavioral foundations to support contemporary ""new growth"" ideas, Scherer then supplies some foundational ""bricks"" concerning financial investment and human capital, and concludes by exploring the prospects for sustaining rapid growth into the next century. Copublished with the British-North American Committee

Table of contents provided by Syndetics

• 1 Introduction (p. 1)
• 2 Traditional Views of Economic Growth (p. 7)
• 3 The Transition to New Paradigms (p. 25)
• 4 Interim Evaluation (p. 49)
• 5 Investing in Technological Innovation (p. 53)
• 6 Human Capital (p. 89)
• 7 Conclusion (p. 119)
• Notes (p. 129)
• Index (p. 149)

Reviews provided by Syndetics

CHOICE Review

Scherer (Harvard) accomplishes much in this short book. He presents a concise review of exogenous and endogenous growth theories in a manner suitable for nonspecialists. The oft-told tale of technology consistently enabling societies to remain one step ahead of the more dire predictions of doomsayers is recounted, with some interesting questions posed for the future. Increasingly productive investments in human and embodied capital are essential to maintain the growth levels in output and living standards to which citizens of developed countries have become accustomed. The author evaluates private, public, and mixed research efforts, along with the potential sources of untapped talent upon which to build future research. These sources include populations in developing nations, women in virtually all nations, and scientifically inclined students whose enthusiasm is dampened in mediocre schools. Scherer's path to increased returns from resources devoted to research and innovation is fairly simple: tap these underused resources and generate more interest in scientific careers by bringing remuneration more in line with attorneys and managers. The author raises many interesting questions, but a much lengthier book is needed to address the issues in detail. Accessible to a wide audience, this book is recommended for public, academic, and professional collections. J. M. Nowakowski; Muskingum College

Author notes provided by Syndetics

F. M. SCHERER is Aetna Professor of Public Policy and Corporate Management in the Kennedy School of Government at Harvard University and former chief economist of the U.S. Federal Trade Commission. His numerous publications include Competition Policies for an Integrated World Economy (Brookings, 1994).