The World Economy: Growth or Stagnation?

Description

The balance of the world economy is shifting away from the established economies of Europe, Japan, and the USA, towards the emerging economies of Asia, especially India and China. With contributions from some of the world's leading growth theorists, this book analyses the long-term process of structural change and productivity growth across the world from a unique comparative perspective. Ongoing research from the World KLEMS Initiative is used to comparatively study new sources of growth - including the role of investment in intangible assets, human capital, technology catch-up, and trade in global value chains. This book provides comparisons of industries and economies that are key to analysing the impacts of international trade and investment. This makes it an ideal read for academics and students interested in understanding current patterns of economic growth. It will also be of value to professionals with an interest in the drivers of economic growth and crisis.

Dale W. Jorgenson is the Samuel W. Morris University Professor at Harvard University. He was awarded the prestigious John Bates Clark Medal by the American Economic Association in 1971, and served as the President of the Association in 2000. He is the author of more than three hundred articles in economics, and the author and editor of 37 books. Kyoji Fukao is Professor at the Institute of Economic Research, Hitotsubashi University, and Program Leader at the Research Unit for Statistical and Empirical Analysis in Social Sciences in Japan. He co-authored Foreign Direct Investment in Japan with Ralph Paprzycki (Cambridge, 2008) and has published articles in several economic journals. Marcel P. Timmer is Professor of Economic Growth and Development and Director of the Groningen Growth and Development Centre (GGDC) at the University of Groningen, The Netherlands. He has published more than thirty articles in international journals, and is the lead author of the book Economic Growth in Europe (Cambridge, 2010).

'Professors Jorgenson, Fukao, and Timmer report provocative and stunning projections of the future world economy. The authors conclude the major source of global economic growth 1990-2012 has involved replication (adding identical production units with no change in technology) rather than innovation (creation of new products and processes). They project that accelerated rapid economic growth will continue, driven largely by replication in Asian countries. This is an absolute must-read book for students of global economic growth.' Ernst R. Berndt, Massachusetts Institute of Technology 'Dale Jorgenson and his collaborators have, over decades, produced consistent databases for productivity analysis. The endeavor is invaluable because what matters in the long-run for the country's - and the world's - standard of living is supply factors such as the quality and quantity of labor and capital. This volume contains industry-level analysis for a number of countries. It reveals, for example, that Japan, having tolerated inefficient sectors to persist, still has room for growth.' Fumio Hayashi, National Graduate Institute for Policy Studies, Tokyo 'The papers collected in this volume are both timely and highly relevant. They draw a broad picture of economic growth and its determinants, using a coherent framework and well-founded methodology. The proposed work brings together, in a unique way, advances in measurement and economic analysis - two strands of work that are too often conducted in separation. The authors represent a select set of researchers with excellent track records in the field and I recommend the volume as a most valuable reference for students, scholars, and analysts alike.' Paul Schreyer, The Organisation for Economic Co-operation and Development Statistics Directorate