Lectures on Economic Growth

In this book, the Nobel laureate Robert Lucas gathered his work on economic growth - from the key article "On the Mechanics of Economic Development" to previously not published lectures in honor of Simon Kuznez in 1997.
Lucas passes from the general theory of how economic growth can be maintained and why the growth rate in different countries may be different, to the explanation of an unexpected roaring in growth with the beginning of the industrial revolution and forecasting growth patterns in the XXI century. Lucas emphasizes the importance of accumulation of both physical and human capital, showing such positive external effects of human capital, as the dissemination of new knowledge or training in the workplace. Lectures in honor of Simon Kuznez are devoted to the interaction between the growth of human capital and the demographic transition at the initial stages of industrialization. In the last chapter, Lucas uses the diffusion model to illustrate the possibility that a significant income inequality created during the industrial revolution has reached its highest point and that in the XXI century the income difference will gradually decrease