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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.

Preface xv

Part I: Introduction

Chapter 1: Economic Growth and Economic Development: The

Questions 3

1.1 Cross-Country Income Differences 3

1.2 Income and Welfare 7

1.3 Economic Growth and Income Differences 9

1.4 Origins of Today's Income Differences and World Economic Growth

11

1.5 Conditional Convergence 15

1.6 Correlates of Economic Growth 18

1.7 From Correlates to Fundamental Causes 19

1.8 The Agenda 21

1.9 References and Literature 23

Chapter 2: The Solow Growth Model 26

2.1 The Economic Environment of the Basic Solow Model 27

2.2 The Solow Model in Discrete Time 34

2.3 Transitional Dynamics in the Discrete-Time Solow Model 43

2.4 The Solow Model in Continuous Time 47

2.5 Transitional Dynamics in the Continuous-Time Solow Model

51

2.6 A First Look at Sustained Growth 55

2.7 Solow Model with Technological Progress 56

2.8 Comparative Dynamics 67

2.9 Taking Stock 68

2.10 References and Literature 69

2.11 Exercises 71

Chapter 3: The SolowModel and the Data 77

3.1 Growth Accounting 77

3.2 The Solow Model and Regression Analyses 80

3.3 The Solow Model with Human Capital 85

3.4 Solow Model and Cross-Country Income Differences: Regression

Analyses 90

3.5 Calibrating Productivity Differences 96

3.6 Estimating Productivity Differences 100

3.7 Taking Stock 105

3.8 References and Literature 106

3.9 Exercises 107

Chapter 4: Fundamental Determinants of Differences in Economic

Performance 109

4.1 Proximate versus Fundamental Causes 109

4.2 Economies of Scale, Population, Technology, and World Growth

112

4.3 The Four Fundamental Causes 114

4.4 The Effect of Institutions on Economic Growth 123

4.5 What Types of Institutions? 136

4.6 Disease and Development 137

4.7 Political Economy of Institutions: First Thoughts 140

4.8 Taking Stock 140

4.9 References and Literature 141

4.10 Exercises 143

Part II: Toward Neoclassical Growth

Chapter 5: Foundations of Neoclassical Growth 147

5.1 Preliminaries 147

5.2 The Representative Household 149

5.3 Infinite Planning Horizon 156

5.4 The Representative Firm 158

5.5 Problem Formulation 160

5.6 Welfare Theorems 161

5.7 Proof of the Second Welfare Theorem (Theorem 5.7) * 168

5.8 Sequential Trading 171

5.9 Optimal Growth 174

5.10 Taking Stock 176

5.11 References and Literature 176

5.12 Exercises 178

Chapter 6: Infinite-Horizon Optimization and Dynamic Programming

182

6.1 Discrete-Time Infinite-Horizon Optimization 182

6.2 Stationary Dynamic Programming 185

6.3 Stationary Dynamic Programming Theorems 187

6.4 The Contraction Mapping Theorem and Applications * 190

6.5 Proofs of the Main Dynamic Programming Theorems * 194

6.6 Applications of Stationary Dynamic Programming 201

6.7 Nonstationary Infinite-Horizon Optimization 211

6.8 Optimal Growth in Discrete Time 215

6.9 Competitive Equilibrium Growth 219

6.10 Computation 221

6.11 Taking Stock 221

6.12 References and Literature 222

6.13 Exercises 223

Chapter 7: An Introduction to the Theory of Optimal Control

227

7.1 Variational Arguments 228

7.2 The Maximum Principle: A First Look 235

7.3 Infinite-Horizon Optimal Control 240

7.4 More on Transversality Conditions 250

7.5 Discounted Infinite-Horizon Optimal Control 253

7.6 Existence of Solutions, Concavity, and Differentiability *

259

7.7 A First Look at Optimal Growth in Continuous Time 268

7.8 The q-Theory of Investment and Saddle-Path Stability 269

7.9 Taking Stock 274

7.10 References and Literature 275

7.11 Exercises 278

Part III: Neoclassical Growth

Chapter 8: The Neoclassical Growth Model 287

8.1 Preferences, Technology, and Demographics 287

8.2 Characterization of Equilibrium 293

8.3 Optimal Growth 298

8.4 Steady-State Equilibrium 300

8.5 Transitional Dynamics and Uniqueness of Equilibrium 302

8.6 Neoclassical Growth in Discrete Time 305

8.7 Technological Change and the Canonical Neoclassical Model

306

8.8 The Role of Policy 312

8.9 Comparative Dynamics 313

8.10 A Quantitative Evaluation 315

8.11 Extensions 317

8.12 Taking Stock 317

8.13 References and Literature 318

8.14 Exercises 319

Chapter 9: Growth with Overlapping Generations 327

9.1 Problems of Infinity 328

9.2 The Baseline Overlapping Generations Model 329

9.3 The Canonical Overlapping Generations Model 335

9.4 Overaccumulation and Pareto Optimality of Competitive

Equilibrium in the Overlapping Generations Model 336

9.5 Role of Social Security in Capital Accumulation 339

9.6 Overlapping Generations with Impure Altruism 342

9.7 Overlapping Generations with Perpetual Youth 345

9.8 Overlapping Generations in Continuous Time 348

9.9 Taking Stock 353

9.10 References and Literature 354

9.11 Exercises 355

Chapter 10: Human Capital and Economic Growth 359

10.1 A Simple Separation Theorem 359

10.2 Schooling Investments and Returns to Education 361

10.3 The Ben-Porath Model 363

10.4 Neoclassical Growth with Physical and Human Capital 367

10.5 Capital-Skill Complementarity in an Overlapping Generations

Model 371

10.6 Physical and Human Capital with Imperfect Labor Markets

374

10.7 Human Capital Externalities 379

10.8 The Nelson-Phelps Model of Human Capital 380

10.9 Taking Stock 382

10.10 References and Literature 384

10.11 Exercises 384

Chapter 11: First-Generation Models of Endogenous Growth 387

11.1 The AK Model Revisited 388

11.2 The AK Model with Physical and Human Capital 393

11.3 The Two-Sector AK Model 395

11.4 Growth with Externalities 398

11.5 Taking Stock 402

11.6 References and Literature 404

11.7 Exercises 404

Part IV: Endogenous Technological Change

Chapter 12: Modeling Technological Change 411

12.1 Different Conceptions of Technology 411

12.2 Science and Profits 414

12.3 The Value of Innovation in Partial Equilibrium 416

12.4 The Dixit-Stiglitz Model and Aggregate Demand Externalities

422

12.5 Individual R&D Uncertainty and the Stock Market 428

12.6 Taking Stock 429

12.7 References and Literature 430

12.8 Exercises 431

Chapter 13: Expanding VarietyModels 433

13.1 The Lab-Equipment Model of Growth with Input Varieties

433

13.2 Growth with Knowledge Spillovers 444

13.3 Growth without Scale Effects 446

13.4 Growth with Expanding Product Varieties 448

13.5 Taking Stock 452

13.6 References and Literature 453

13.7 Exercises 453

Chapter 14: Models of Schumpeterian Growth 458

14.1 A Baseline Model of Schumpeterian Growth 459

14.2 A One-Sector Schumpeterian Growth Model 468

14.3 Innovation by Incumbents and Entrants 472

14.4 Step-by-Step Innovations * 479

14.5 Taking Stock 489

14.6 References and Literature 490

14.7 Exercises 491

Chapter 15: Directed Technological Change 497

15.1 Importance of Biased Technological Change 498

15.2 Basics and Definitions 500

15.3 Baseline Model of Directed Technological Change 503

15.4 Directed Technological Change with Knowledge Spillovers

514

15.5 Directed Technological Change without Scale Effects 518

15.6 Endogenous Labor-Augmenting Technological Change 519

15.7 Generalizations and Other Applications 522

15.8 An Alternative Approach to Labor-Augmenting Technological

Change* 523

15.9 Taking Stock 526

15.10 References and Literature 527

15.11 Exercises 529

Part V: Stochastic Growth

Chapter 16: Stochastic Dynamic Programming 537

16.1 Dynamic Programming with Expectations 537

16.2 Proofs of the Stochastic Dynamic Programming Theorems *

544

16.3 Stochastic Euler Equations 549

16.4 Generalization to Markov Processes * 552

16.5 Applications of Stochastic Dynamic Programming 554

16.6 Taking Stock 561

16.7 References and Literature 561

16.8 Exercises 562

Chapter 17: Stochastic Growth Models 566

17.1 The Brock-Mirman Model 567

17.2 Equilibrium Growth under Uncertainty 571

17.3 Application: Real Business Cycle Models 579

17.4 Growth with Incomplete Markets: The Bewley Model 583

17.5 The Overlapping Generations Model with Uncertainty 586

17.6 Risk, Diversification, and Growth 588

17.7 Taking Stock 603

17.8 References and Literature 604

17.9 Exercises 605

Part VI: Technology Diffusion, Trade, and Interdependences

Chapter 18: Diffusion of Technology 611

18.1 Productivity Differences and Technology 611

18.2 A Benchmark Model of Technology Diffusion 613

18.3 Technology Diffusion and Endogenous Growth 619

18.4 Appropriate and Inappropriate Technologies and Productivity

Differences 623

18.5 Contracting Institutions and Technology Adoption 630

18.6 Taking Stock 642

18.7 References and Literature 643

18.8 Exercises 644

Chapter 19: Trade and Growth 648

19.1 Growth and Financial Capital Flows 648

19.2 Why Does Capital Not Flow from Rich to Poor Countries?

653

19.3 Economic Growth in a Heckscher-Ohlin World 655

19.4 Trade, Specialization, and the World Income Distribution

663

19.5 Trade, Technology Diffusion, and the Product Cycle 674

19.6 Trade and Endogenous Technological Change 678

19.7 Learning-by-Doing, Trade, and Growth 680

19.8 Taking Stock 684

19.9 References and Literature 685

19.10 Exercises 687

Part VII: Economic Development and Economic Growth

Chapter 20: Structural Change and Economic Growth 697

20.1 Nonbalanced Growth: The Demand Side 697

20.2 Nonbalanced Growth: The Supply Side 703

20.3 Agricultural Productivity and Industrialization 715

20.4 Taking Stock 719

20.5 References and Literature 720

20.6 Exercises 721

Chapter 21: Structural Transformations and Market Failures in

Development 725

21.1 Financial Development 726

21.2 Fertility, Mortality, and the Demographic Transition 729

21.3 Migration, Urbanization, and the Dual Economy 736

21.4 Distance to the Frontier and Changes in the Organization of

Production 744

21.5 Multiple Equilibria from Aggregate Demand Externalities and

the Big Push 752

21.6 Inequality, Credit Market Imperfections, and Human Capital

758

21.7 Toward a Unified Theory of Development and Growth? 764

21.8 Taking Stock 768

21.9 References and Literature 769

21.10 Exercises 771

Part VIII: The Political Economy of Growth

Chapter 22: Institutions, Political Economy, and Growth

781

22.1 The Impact of Institutions on Long-Run Development 781

22.2 Distributional Conflict and Economic Growth in a Simple

Society 784

22.3 The Canonical Cobb-Douglas Model of Distributional Conflict

792

22.4 Distributional Conflict and Competition 793

22.5 Subgame Perfect versus Markov Perfect Equilibria 799

22.6 Inefficient Economic Institutions: A First Pass 802

22.7 Heterogeneous Preferences, Social Choice, and the Median Voter

* 805

22.8 Distributional Conflict and Economic Growth: Heterogeneity and

the Median Voter 814

22.9 The Provision of Public Goods: Weak versus Strong States

817

22.10 Taking Stock 822

22.11 References and Literature 823

22.12 Exercises 825

Chapter 23: Political Institutions and Economic Growth 831

23.1 Political Regimes and Economic Growth 832

23.2 Political Institutions and Growth-Enhancing Policies 834

23.3 Dynamic Trade-offs 837

23.4 Understanding Endogenous Political Change 850

23.5 Taking Stock 856

23.6 References and Literature 857

23.7 Exercises 858

Epilogue: Mechanics and Causes of Economic Growth 861

What Have We Learned? 861

A Possible Perspective on Growth and Stagnation over the Past 200

Years 864

Many Remaining Questions 872

Part IX: Mathematical Appendixes

Appendix A: Odds and Ends in Real Analysis and Applications to

Optimization 877

A.1 Distances and Metric Spaces 878

A.2 Mappings, Functions, Sequences, Nets, and Continuity 880

A.3 A Minimal Amount of Topology: Continuity and Compactness *

885

A.4 The Product Topology * 889

A.5 Absolute Continuity and Equicontinuity * 891

A.6 Correspondences and Berge's Maximum Theorem 894

A.7 Convexity, Concavity, Quasi-Concavity, and Fixed Points

898

A.8 Differentiation, Taylor Series, and the Mean Value Theorem

900

A.9 Functions of Several Variables and the Inverse and Implicit

Function Theorems 904

A.10 Separation Theorems * 907

A.11 Constrained Optimization 910

A.12 Exercises 915

Appendix B: Review of Ordinary Differential Equations 917

B.1 Eigenvalues and Eigenvectors 917

B.2 Some Basic Results on Integrals 918

B.3 Linear Differential Equations 920

B.4 Solutions to Linear First-Order Differential Equations

921

B.5 Systems of Linear Differential Equations 924

B.6 Local Analysis and Stability of Nonlinear Differential

Equations 926

B.7 Separable and Exact Differential Equations 927

B.8 Existence and Uniqueness of Solutions 929

B.9 Continuity and Differentiability of Solutions 930

B.10 Difference Equations 930

B.11 Exercises 932

Appendix C: Brief Review of Dynamic Games 934

C.1 Basic Definitions 934

C.2 Some Basic Results 937

C.3 Application: Repeated Games with Perfect Observability

941

C.4 Exercises 942

Appendix D: List of Theorems 944

Chapter 2 944

Chapter 5 944

Chapter 6 944

Chapter 7 945

Chapter 10 945

Chapter 16 945

Chapter 22 946

Appendix A 946

Appendix B 947

Appendix C 947

References 949

Name Index 971

Subject Index 977

Part VII: Economic Development and Economic Growth

Chapter 20: Structural Change and Economic Growth 697

20.1 Nonbalanced Growth: The Demand Side 697

20.2 Nonbalanced Growth: The Supply Side 703

20.3 Agricultural Productivity and Industrialization 715

20.4 Taking Stock 719

20.5 References and Literature 720

20.6 Exercises 721

Chapter 21: Structural Transformations and Market Failures in

Development 725

21.1 Financial Development 726

21.2 Fertility, Mortality, and the Demographic Transition 729

21.3 Migration, Urbanization, and the Dual Economy 736

21.4 Distance to the Frontier and Changes in the Organization of

Production 744

21.5 Multiple Equilibria from Aggregate Demand Externalities and

the Big Push 752

21.6 Inequality, Credit Market Imperfections, and Human Capital

758

21.7 Toward a Unified Theory of Development and Growth? 764

21.8 Taking Stock 768

21.9 References and Literature 769

21.10 Exercises 771

Part VIII: The Political Economy of Growth

Chapter 22: Institutions, Political Economy, and Growth

781

22.1 The Impact of Institutions on Long-Run Development 781

22.2 Distributional Conflict and Economic Growth in a Simple

Society 784

22.3 The Canonical Cobb-Douglas Model of Distributional Conflict

792

22.4 Distributional Conflict and Competition 793

22.5 Subgame Perfect versus Markov Perfect Equilibria 799

22.6 Inefficient Economic Institutions: A First Pass 802

22.7 Heterogeneous Preferences, Social Choice, and the Median Voter

* 805

22.8 Distributional Conflict and Economic Growth: Heterogeneity and

the Median Voter 814

22.9 The Provision of Public Goods: Weak versus Strong States

817

22.10 Taking Stock 822

22.11 References and Literature 823

22.12 Exercises 825

Chapter 23: Political Institutions and Economic Growth 831

23.1 Political Regimes and Economic Growth 832

23.2 Political Institutions and Growth-Enhancing Policies 834

23.3 Dynamic Trade-offs 837

23.4 Understanding Endogenous Political Change 850

23.5 Taking Stock 856

23.6 References and Literature 857

23.7 Exercises 858

Epilogue: Mechanics and Causes of Economic Growth 861

What Have We Learned? 861

A Possible Perspective on Growth and Stagnation over the Past 200

Years 864

Many Remaining Questions 872

Part IX: Mathematical Appendixes

Appendix A: Odds and Ends in Real Analysis and Applications to

Optimization 877

A.1 Distances and Metric Spaces 878

A.2 Mappings, Functions, Sequences, Nets, and Continuity 880

A.3 A Minimal Amount of Topology: Continuity and Compactness *

885

A.4 The Product Topology * 889

A.5 Absolute Continuity and Equicontinuity * 891

A.6 Correspondences and Berge's Maximum Theorem 894

A.7 Convexity, Concavity, Quasi-Concavity, and Fixed Points

898

A.8 Differentiation, Taylor Series, and the Mean Value Theorem

900

A.9 Functions of Several Variables and the Inverse and Implicit

Function Theorems 904

A.10 Separation Theorems * 907

A.11 Constrained Optimization 910

A.12 Exercises 915

Appendix B: Review of Ordinary Differential Equations 917

B.1 Eigenvalues and Eigenvectors 917

B.2 Some Basic Results on Integrals 918

B.3 Linear Differential Equations 920

B.4 Solutions to Linear First-Order Differential Equations

921

B.5 Systems of Linear Differential Equations 924

B.6 Local Analysis and Stability of Nonlinear Differential

Equations 926

B.7 Separable and Exact Differential Equations 927

B.8 Existence and Uniqueness of Solutions 929

B.9 Continuity and Differentiability of Solutions 930

B.10 Difference Equations 930

B.11 Exercises 932

Appendix C: Brief Review of Dynamic Games 934

C.1 Basic Definitions 934

C.2 Some Basic Results 937

C.3 Application: Repeated Games with Perfect Observability

941

C.4 Exercises 942

Appendix D: List of Theorems 944

Chapter 2 944

Chapter 5 944

Chapter 6 944

Chapter 7 945

Chapter 10 945

Chapter 16 945

Chapter 22 946

Appendix A 946

Appendix B 947

Appendix C 947

References 949

Name Index 971

Subject Index 977

第二章

第三章

......

Daron Acemoglu is the Charles P. Kindleberger Professor of

Applied Economics at the Massachusetts Institute of Technology

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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

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要成为自己（现在到永远），需要的是能舍弃心目中对自我、他人以及关系的理想或贬抑版本，而选择真实世界的模样；也需要重新调整梦想、选择与希望（不管那是出自自己的决定或是被迫不得不如此）；也要能容忍机会的流失，以及人生道路的措施。

这类型的失落考验了一个人哀悼、感到自责、承担责任、体验罪恶感及保持感恩心态的能力。所有这些能力在根本上都与一个人爱的能力有关，也和他在投射及内设过程所达成的平衡本质密切相关，而这个平衡是在生命早期就建立起来的。

比昂指出在特定心智状态下，「拥有」知识会成为学习的替代品。一种「不平等发展的心智法则」经常发生，此时「头脑（brains）」与「深度思考（a deeper kind of thinking）」成反比关系；操控概念（如真相、意义或道德等）的智性能力，与可以真正支持这些概念的情绪潜能（emotional capacity）也成反比关系。如果知识的获得为的是效能而不是洞识，在精神的经济法则（psychic economy）中，获取知识将变得和拥有物质没什么两样。当此情况发生时，知识将与任何真正追求了解的意图相抵触。此处的关键在于动机：在获得知识的过程中，找寻的是什么，逃避的又是什么。

要成为自己（现在到永远），需要的是能舍弃心目中对自我、他人以及关系的理想或贬抑版本，而选择真实世界里的模样；也需要重新调整梦想、选择与希望（不管那是出自自己的决定或者是被迫不得不如此）；也要能容忍机会的流失，以及人生道路的错失。年轻人在要往前跨出的同时又要松手让过去流走，痛苦的冲突于是产生。其实一个人在生命的每个阶段都会遭遇到这样的困难，但是在重要的转折点时，譬如第一次上学、终于从职场退休、在退休后展开余生时，这些困难会显得更难以招架与妥协。这类型的失落考验了一个人哀悼、感到自责、承担责任、体验罪恶感及保持感恩心态的能力。所有这些能力在根本上都与一个人爱的能力有关，也和他在投射及内摄过程中所达成的平衡本质密切相关，而这个平衡是在生命早期就建立起来的。

结婚的能力（ the capacity for marriage）不应该和婚的契约关系相混。在19世纪的小说中，人们和现实生活一样会找对象结婚，但并不是所有结婚的人都具有在此所描述的“结婚的内在能力”，但他们也不具有不结婚的能力。契约式婚姻的功能要不是用来防御分离、失落与亲密关系，就是用来使未获解决的俄狄浦斯问题能永远存在。

投射强度适中时，投射可能是为了得到了解，这是同理心的基础，投射也是为了一般的沟通（“当我感觉到你也有和我一样的感觉时，我就能感觉到你了解我的感觉”）。但是焦虑强度太高时，婴儿可能被迫以更强烈的投射，来排除内心翻搅难耐的焦虑和不安。婴儿（或成人）为了保护自己不受难忍的经验之苦，如嫉羡的折磨、分离的恐惧等，便让自己以为他可以认同他人的心理或情绪特质，但这些特质其实是他自身特质的投射。以嫉羡的案例而言，其潜意识的动机可能是：“假如她只不过是我的延伸，我就毋须担心、唯恐她拥有我所没有的”，在分离恐惧的案例中，其潜意识动机可能是：“假如她和我真的是一样，我就不需要经验我和她的分离”。无论在哪个年纪，能够面对失落的现实，走过哀悼历程，这对于要从他人身上收回投射并将之归还给自我，也就是有机会真正地成为自己，是不可或缺的能力。

经过了一段治疗，她已经变得能够吸纳并且认同真正的爱与依赖的能力；劳拉在她自己身上发现了真实的力量且能够变得较不依赖于脆弱与仿冒的韧性（ resilience），这种仿冒的初性源自于比较多投射与模仿的自恋认同。

编辑推荐

"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

媒体评论

"It's hard not to be impressed by Acemoglu's mastery of the

subject and for a handful of top graduate programs this is clearly

the book for the next generation."--Tyler Cowen, Marginal

Revolution