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Book cover of Capital Accumulation and Economic Growth in a Small Open Economy by Stephen Turnovsky

Capital Accumulation and Economic Growth in a Small Open Economy

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Book Description

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.

Author portrait of Stephen Turnovsky

Stephen Turnovsky

Stephen Turnovsky (born 1941) is a New Zealand economist and the Ford and Louisa Van Voorhis Professor of Political Economy at the University of Washington.He is one of the most highly cited economists in the world. As of November 2015, Research Papers in Economics ranks him as the 32nd most influential economist. RePEc reports that he has published over 5000 pages in academic journals, making him one of the top 5 most prolific economists.
A native of Wellington, New Zealand, Turnosky attended Victoria University of Wellington, majoring in mathematics and economics. After earning a bachelor's degree in 1962, and a master's in 1963, he continued his education at Harvard University, receiving his Ph.D. In 1968.
Turnovsky's economic interests are largely centered around macroeconomics. His most recent publishings are "The Distributional Consequences of Trade Liberalization: Consumption Tariff versus Investment Tariff Reduction" and "Population Size Effects in the Structural Development of England". Turnovsky also serves on various advisory boards for a number of journals. He currently serves as a Co-editor of Macroeconomics Dynamics and as an Associate Editor of the Journal of Public Economic Theory.

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This book is currently unavailable for publication. We obtained it under a Creative Commons license, but the author or publisher has not granted permission to publish it.

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