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Book cover of Economic Growth and Macroeconomic Dynamics: Recent Developments in Economic Theory by Stephen Turnovsky

Economic Growth and Macroeconomic Dynamics: Recent Developments in Economic Theory

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Book Description

The development of the endogenous growth model rekindled interest in growth theory. In contrast to the neo-classical model, long-run endogenous growth emerged as an equilibrium outcome, reflecting the behaviour of optimizing agents in the economy. This book brings together a number of contributions in growth theory and macroeconomic dynamics, reflecting these developments and the ongoing debate over the relative merits of neo-classical and endogenous growth models. It focuses on the emergence of three important aspects: First, it develops growth models that extend the underlying theory in different directions. Second, it addresses one of the concerns of the literature on growth and dynamics: the statistical properties of underlying data and the effort to ensure that growth models are consistent with empirical evidence. Third, it discusses the increasingly international focus of macrodynamics and growth theory, an inevitable consequence of the integration of the world economy.

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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