This book contributes to the empirical literature on economic and human development from five different perspectives: the first chapter provides a new statistical test for bimodality of densities with an application to income data. The second chapter analyzes the worlds cross-country distribution of income and challenges the so called Twin Peaks-claim. The third chapter focuses on the world income distribution and resulting implications for poverty reduction, pro-poor growth and the evolution of global inequality. The fourth chapter estimates the welfare effects of recently negotiated Economic Partnership Agreements between the EU and African countries. Finally, the fifth chapter investigates whether democracy leads to higher levels of health and education.

Why are some nations rich and others poor? What are the sources of long-run economic development and growth? How can living standards be increased? In this book, Klaus Gründler empirically analyses these central economic questions and puts a particular emphasis on the role of technology, inequality, and political institutions. To substantiate his empirical studies, he introduces a new method to compute composite measures and indices that is based on mathematical algorithms from the field of machine learning.

Why are some countries richer than others? Why do some economies grow so much faster than others do? Do economies tend to converge at similar levels of per capita income? Or is catching up simply impossible? These questions have vast implications for human welfare. After a period of lack of interest in growth theory, they are back on the research agenda of mainstream economics. They have also been at the heart of development economics since its inception some decades ago. This book endeavors to answer such questions by blending classical contributions to development theory with recent developments in the economics of growth. The unifying theme is that early theoretical insights and accumulated empirical knowledge of development economics have much to offer to research in the theory and empirics of economic growth. With the help of a number of recent contributions, the ideas and insights of the classical literature in development economics can be given simple and rigorous formulations. Together, they amount to an approach to growth theory that can overcome the long-recognized empirical shortcomings of neoclassical growth economics, while being free from the objections that can be raised against the new brand of endogenous growth theory. In addition to an original thesis on the contribution that early development theory can make to the research program of modern growth economics, the book provides professional and research economists and graduate students with an evaluation of the strengths and limitations of the different strands of inquiry in the modern economics of growth. In addition it presents findings on comparative growth performance across countries. Jaime Ros is Professor of Economics and Faculty Fellow of the Helen Kellogg Institute of International Studies, University of Notre Dame.

This book provides an in-depth investigation of the link between human capital and economic growth. The authors take an innovative approach, examining the determinants of economic growth through a historical overview of the concept of human capital. The text fosters a deep understanding of the connection between human capital and economic growth through the exploration of different theoretical approaches, a review of the literature, and the application of nonlinear estimation techniques to a comprehensive data set. The authors discuss nonparametric econometric techniques and their application to estimating nonlinearities—which has emerged as one of the most salient features of empirical work in modeling the human capital-growth relationship, and the process of economic growth in general. By delving into the topic from theoretical and empirical standpoints, this book offers an insightful new view that will be extremely useful for scholars, students, and policy makers.

A crucial issue in the era of globalisation and internationalization, is whether the relationship between investment and finance is beneficial to growth and development. Received wisdom is that Research and Development is essential not only for maintaining productivity, but also for competing in the marketplace. Similar questions have been raised about education and its rate of 'social return; is education necessary for improving the skill of the workforce, or does it serve primarily to facilitate the adoption of these new technologies? This book brings together a case of leading international scholars to analyze the importance of education, research and human capital and the impact of financial systems on growth and development.

There is long-standing debate on how population growth affects national economies. A new report from Population Matters examines the history of this debate and synthesizes current research on the topic. The authors, led by Harvard economist David Bloom, conclude that population age structure, more than size or growth per se, affects economic development, and that reducing high fertility can create opportunities for economic growth if the right kinds of educational, health, and labor-market policies are in place. The report also examines specific regions of the world and how their differing policy environments have affected the relationship between population change and economic development.

The new classical approach to macroeconomics, which assumes that people gather and use economic information efficiently, has been the most important theoretical advance since the Keynesian revolution of the 1930s. This book surveys the major contributions of the "second generation" of proponents of the new classical approach, emphasizing real business cycle theories and applying them to a variety of phenomena. The chapters include expositions of growth theory, real models of business fluctuations, the informational role of prices, consumption, fiscal policy, rules versus discretion in monetary policy, time consistency and policy, and monetary models. Although the chapters are aimed at advanced undergraduate- and graduate-level students, they will also be of interest to researchers who are looking for a compact and original exposition of the new classical macroeconomics.