Lectures on economic growth. Lucas R.E.

In this book, the Nobel laureate Robert Lucas gathered his work on economic growth - from the key article “On the Mechanics of Economic Development” to previously not published lectures in honor of the 1997 blacksmith.

Lucas crosses from the general theory How economic growth can be maintained and why growth rates in different countries can be different, to explain an unexpected breakdown in growth with the beginning of the industrial revolution and the prediction of growth patterns in the 21st century. Lucas emphasizes the importance of accumulating both physical and human capital, showing such positive external effects of human capital as the spread of new knowledge or training in the workplace. Lectures in honor of Simon Kuznets are devoted to the interaction between the growth of human capital and the demographic transition at the initial stages of industrialization.

In the last chapter, Lucas uses the diffusion model to illustrate the possibility that the significant inequality of income created during the industrial revolution has reached its highest point and that in the 21st century the difference in income will gradually decrease.