New View of Economic Growth. Four Lectures

摘要

The report contains four lectures given by the author at the World Bank inOctober, 1990. They emphasize the importance of investment, instead of disembodied technical progress, in generating economic growth. In addition, the work illustrates the importance of correct measurements of both human and physical capital. The first lecture presents a critique of conventional growth theory and the second explores the origins of investment opportunities. The third lecture presents the author's theory of growth based on material investment and quality-adjusted employment, including the effects of human investment. The final lecture presents empirical results which support his new view of economic growth.