Book Description

This book tries to portray the link between economic inequality and long-run growth via human capital and the major take of the book is to analyze the growth panorama through the lens of the ‘idea’ or ‘knowledge’ generation’ which is eventually considered as the ‘engine of growth’ being fueled by productivity enhancement through the innovations of new technologies. But this is not the end of the story as it involves enormous controversies. Simply the controversy started with the basic question --- why are some countries richer than other countries? To put it in another way, why growth is a miracle, why it is not driven homogeneously for economies, or whether the economies would converge or not? Another issue is predominantly crucial, that is, economic inequality in the process of economic expansion. In this context, the present book has given emphasis in explaining the selective growth theories starting from classical foundation to new growth theories including their inner implications in the passage of history of economic growth. In consequence, the vast landscape of theoretical contours about political philosophies and model analyses of economic growth including diverse generic versions of the said link between economic expansion and distribution are explained, and, the most important feature of the textbook is that the link is explored by focusing on a single factor, human capital. The prime emphasis of the present textbook is to look at the link between growth, inequality and human capital accumulation and their resultant outcomes in a new way as New Look by substantiating the issue through empirical analyses relating to the Indian States. The whole journey of the book consists of the political philosophy, models and empirics, the trio, without which the all-around venture of economic theories would become incomplete. For this reason, the whole perspective of empirical analysis is done to keep in mind the necessities of the learners such that they should not feel awkward with a set of data. It is, in that context, the empirical and structural issues are taken up to make the issues distinctively clearer with the presumption that the whole perspective would become, then, more delightful and easy to digest.