From Nobel Laureate Robert M. Solow comes this second edition of his classic text, Growth Theory, to which he has added six new chapters. The book begins with the author's Nobel Prize Lecture "Growth Theory and After", followed by the six original chapters of the first edition. The author maintains that basic growth theory is still best summarized in these chapters.The publication of the first edition in 1970 coincided with a worldwide productivity slowdown; during that time very little (...) work occurred on growth theory. It wasn't until the 1980s that a surge of new research appeared, including the work of Roemer, Lucas, Grossman/Helpman, Aghion, and Howitt. The second half of the book deals with this relatively recent surge, often referred to as "the new endogenous growth theory." As a bridge to the six new chapters, Solow includes an essay entitled "Intermezzo" in which he discusses this transition. The author recasts his model to help the reader compare the relationships among all models; he deals rather tersely, for reasons explained in the book, with "AK" theory, convergence, and international cross-section studies rather tersely. The author concludes by drawing some lessons from the new growth theory and suggests where gaps may be filled in future research. Although Solow disagrees strongly with much of the recent research, he is quick to acknowledge some of its outstanding contributions.This second edition is essential reading for graduate courses in macroeconomics as well as courses on growth theory at both undergraduate and graduate levels. No other book provides this broad overview of the whole field and its evolution. (shrink)

The seventeen seminal essays by Robert J. Gordon collected here, including three previously unpublished works, offer sharply etched views on the principal topics of macroeconomics - growth, inflation, and unemployment. The author re-examines their salient points in a uniquely creative, accessible introduction that serves on its own as an introduction to modern macroeconomics. Each of the four parts into which the essays are grouped also offers a new introduction. The papers in Part I explore different key aspects of the (...) history, theory, and measurement of productivity growth. The essays in Part II investigate the sources of business cycles and productivity fluctuations. Those in Part III cover the effects of supply shocks in macroeconomics. The final group presents empirical studies of the dynamics of inflation in the United States. The foreword by Nobel Laureate Robert M. Solow comments on the abiding importance of these essays drawn from 1968 to the present. (shrink)

The field of economics proves to be a matter of metaphor and storytelling - its mathematics is metaphoric and its policy-making is narrative. Economists have begun to realize this and to rethink how they speak. This volume is the result of a conference held at Wellesley College, involving both theoretical and applied economists, that explored the consequences of the rhetoric and the conversation of the field of economics.

Forty-three years ago Max Weber observed that “the belief in the value of scientific truth is not derived from nature but is a product of definite cultures.” We may now add: and this belief is readily transmuted into doubt or disbelief. The persistent development of science occurs only in societies of a certain order, subject to a peculiar complex of tacit presuppositions and institutional constraints. What is for us a normal phenomenon which demands no explanation and secures many ‘self-evident’ cultural (...) values, has been in other times and still is in many places abnormal and infrequent. The continuity of science requires the active participation of interested and capable persons in scientific pursuits. This support of science is assured only by appropriate cultural conditions. It is, then, important to examine those controls which motivate scientific careers, which select and give prestige to certain scientific disciplines and reject or blur others. It will become evident that changes in institutional structure may curtail, modify or possibly prevent the pursuit of science. (shrink)

On this occasion, I shall try to respond to the suggestions that I report what it was like to be a graduate student at Harvard in the early 1930s engaged in writing a dissertation which took the shape in print of the monograph, Science, Technology and Society in Seventeenth-Century England. This, quite some time before the sociology of science had emerged with a cognitive and social identity. I shall not attempt an account – let alone an explanatory account – of (...) the micro-environment at Harvard back then that provided local context for that study. Indeed, I suspect that the Gerald Holton, Everett Mendelsohn and Arnold Thackray reconstructions come closer to the intellectual and social reality of that time and place than anything I might reconstruct. (shrink)

Although the application of social science to practical problems of policy and action is still in its early stages, a large body of experience has been accumulated. Social science has been applied, in diverse spheres and with diverse results. The experience is there, but it has not been systematically reviewed and codified. Consequently, no one knows the present status of applied social science or, more importantly, its potentialities.

Lorsque certaines conditions sont réunies, une théorie sociale peut naître à partir d’un résultat obtenu lors d’un travail de recherche. Cette idée fut exposée bien trop rapidement dans un précédent article dans les termes qui suivent : « une recherche empirique fructueuse ne se contente pas de vérifier des hypothèses issues d’une théorie, elle est également à l’origine de nouvelles hypothèses. On peut nommer cette composante du travail de recherche la “sérendipité”, c’est-à-dire la...