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Reanacimiento de La teoría del crecimiento

 The Renaissance of Economic Growth Research

There is no doubt that one very important consequence arising from the workof Keynes was that it led to a shift of emphasis from the classical long-runissue of economic growth to the shorter-run issue of aggregate instability. s

Tobin !"##$% emphasi&es' Keynesian economics does not pretend to apply tothe long-run issues of growth and development. This is in sharp contrast tothe work of dam (mith' )avid Ricardo and the other classical economistswho sought to understand the nature and causes of the *+ealth of ,ationsrather than focus on the issue of short-run instability. This should hardlysurprise us given the rapid self-equilibrating properties of the classicalmacroeconomicmodel !see hapter /%.0ven small differences in growth rates of per capita income' if sustainedover long periods of time' lead to significant differences in relative livingstandards between nations. The importance of economic growth as a basis for 

improvements in human welfare cannot be overstated because the impact of even small differentials in growth rates' when compounded over time' arestriking !see hapter ""%. 1arro and (ala-i-2artin !"##3% provide a simplebut illuminating e4ample of the long-term consequences of growth differentials.They note that the 5( economy grew by an annual average of ".$3 per cent over the period "6$78"##7 thereby raising real 9): per capita from;//

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potential for welfare gains from better long-run' supply-side policies e4ceedsby far the potential from further improvements in short-run demand management.9iven the significant adverse impact that poor growth performance has oneconomic welfare and the resultant importance attached to growth by economists'it is perhaps surprising that the research effort in this field has been

cyclical. lthough growth issues were a maDor concern of the classical economists'during the period "6$78"#