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Controversies in Macroeconomics: Growth, Trade and Policy


Controversies in Macroeconomics: Growth, Trade and Policy presents debates from the world’s leading researchers on some of the most important questions in economics today.

  • Do growth rates converge?

  • Does trade liberalization foster economic growth?

  • Do trade agreements help or hinder growth?

  • Does financial liberalization stimulate economic development?

  • Does economic growth make us happier?

  • Is the welfare state bad for growth?

Accessible in the general economics reader, this book is ideal for advanced undergraduates and graduates in intermediate macroeconomics, macroeconomics theory, development economics, growth theory and trade theory.

Each Controversy is introduced by a well-known economist, who links together the ensuing arguments and outlines the main ideas developed. Issues are discussed within the context of policy as well as of theoretical and empirical work.

Huw David Dixon is Professor of Economics at the University of York. In addition to editorial involvement with the Review of Economic Studies, the Journal of Industrial Economics and the Controversies section in the Economics Journal, he has authored more than fifty papers in research journals and books. Dixon's research areas include the macroeconomics of imperfect competition, oligopoly theory, learning and bounded rationality. He is a member of the Council of the Royal Economic Society and a fellow of the CEPR. Dixon received his PhD from Oxford University under the supervision of Nobel Laureate Sir James Mirrlees.
List of Authors.

Preface: William D. Nordhaus (Yale).


Introduction: Huw David Dixon (York).

Part I: On the Convergence and Divergence of Growth Rates:.

Introduction: Steven N. Durlauf (Wisconsin-Madison).

1. The Classical Approach to Convergence Analysis: Xavier X. Sala-i-Martin (Universitat Pompeu Fabra).

2. Technology and Convergence: Andrew B. Bernard (MIT) and Charles I. Jones (Stanford).

3. Twin Peaks: Growth and Convergence in Models of Distribution Dynamics: Danny T. Quah (London School of Economics).

4. Convergence?Inferences from Theoretical Models: Oded Galor (Hebrew University).

Part II: Trade Liberalisation and Growth:.

Introduction: Huw David Dixon (York).

5. Why Trade Liberalisation Is Good for Growth: Anne O. Krueger (Stanford).

6. Trade Liberalisation in Developing Economies: Modest Benefits but Problems with Productivity Growth, Macro Prices, and Income Distribution: Jose Antonio Ocampo (Economic Commission for Latin America and the Caribbean) and Lance Taylor (New School University).

7. Trade Reform, Adjustment and Growth: What Does the Evidence Tell Us?: David Greenaway, Wyn Morgan and Peter Wright (all Nottingham).

Part III: Regionalism versus Multilateralism:.

Introduction: Sajal Lahiri (Essex).

8. Trading Preferentially: Theory and Policy: Jagdish Bhagwati (Columbia), David Greenaway (Nottingham) and Arvind Panagariya (Maryland).

9. The New Regionalism: Wilfred J. Ethier (Pennsylvania).

10. Will Preferential Agreements Undermine the Multilateral Trading System?: Kyle Bagwell (Columbia) and Robert W. Staiger (Wisconsin-Madison).

Part IV: Financial Liberalisation and Economic Development:.

Introduction: Huw David Dixon (York).

11. In Favour of Financial Liberalisation: Maxwell J. Fry (Birmingham).

12. Financial Liberalisation, Stockmarkets and Economic Development: Ajit Singh (Cambridge).

13. Financial Development and Economic Growth: Assessing the Evidence: Philip Arestis (East London) and Panicos Demetriades (Keele).

Part V: Economics and the Measurement of Happiness:.

Introduction: Huw David Dixon (York).

14. Happiness and Economic Performance: Andrew J. Oswald (Warwick).

15. The Frame of Reference as a Public Good: Robert H. Frank (Cornell).

16. A Case for Happiness, Cardinalism, and Interpersonal Comparability: Yew-Kwang Ng (Monash).

17. Traditional Productivity Estimates Are Asleep at the (Technological) Switch: William D. Nordhaus (Yale).

Part VI: Economists, the Welfare State and Growth: The Case of Sweden:.

Introduction : Huw David Dixon (York).

18. Eurosclerosis and the Sclerosis of Objectivity: On the Role of Values Among Economic Policy Experts: Walter Korpi (Stockholm).

19. Sweden's Relative Economic Performance: Lagging Behind or Staying on Top?: Magnus Henreksen (Industrial Institute for Economic and Social Research, Stockholm).

20. Why Sweden's Welfare State Needed Reform: Jonas Agell (Uppsala).

21. Swedish Economic Performance and Swedish Economic Debate: A View from Outside: Steve Dowrick (Australian National).