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ECONOMIC GROWTH AND MACROECONOMIC DYNAMICS
Interest in growth theory was rekindled in the mid-1980s with the develop-
ment of the endogenous growth model. In contrast to the earlier neoclassical
model in which the steady-state growth rate was tied to population growth,
long-run endogenous growth emerged as an equilibrium e, reflecting
the behavior of optimizing agents in the economy. This book brings together
a number of contributions in growth theory and macroeconomic dynamics
that reflect these more recent developments and the ongoing debate over the
relative merits of neoclassical and endogenous growth models. It focuses on
three important aspects that have been receiving increasing attention. First,
it develops a number of growth models that extend the underlying theory in
different directions. Second, it addresses one of the concerns of the recent
literature on growth and dynamics, namely the statistical properties of the un-
derlying data and the effort to ensure that the growth models are consistent
with the empirical evidence. Third, macrodynamics and growth theory have
focused increasingly on international aspects, an inevitable consequence of the
increasing integration of the world economy.
Steve Dowrick is Professor and Australian Research Council Senior Fellow
in the School of Economics, Australian National University. He is coeditor
with Ian McAllister and Riaz Hassan of The Cambridge Handbook of Social
Sciences in Australia (Cambridge University Press, 2003) and author of numer-
ous papers in leading journals in economics including the American Economic
Review, the Review of Economics and Statistics, and the Economic
Fellow of the Australian Academy of Social Sciences, Professor Dowrick’s cur-
rent research focuses on the factors promoting as well as deterring convergence
for economic growth.
Rohan Pitchford teaches economics in the Asia Pacific School of Economics
and Mana