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A Powerful, but Limited, Theory of Development

This is a collection of essays by one of the finest theorists in economics, applying his mind to the historical sweep of the process of economic growth over the last two centuries. This process has led to unprecedented growth and prosperity in a set of countries, increasing divergence in their performance from a large set of other countries, and yet an amazing catch-up process in a small third set of countries. Robert Lucas wants to understand the ‘mechanics’ of these processes, set up abstract and sophisticated models of endogenous growth to capture them and throw light on the broad contours of the stylized facts that are now available to us. This is a meticulous and at the same time sweeping analysis, ambitious and yet full of scholarly modesty and an infectious sense of wonder at the large forces of economic history that affect the lives of vast masses of humanity.