Models of economic growth: proceedings of a conference held by the International Economic Association at Jerusalem

In April 1970 the International Economic Association organised a conference on growth models, at Ma'ale Hachamisha, near Jerusalem. The papers presented at that meeting are printed in this volume, and the discussions to which they gave rise are summarised.
Growth models have been the subject of much work and no little controversy for a number of years. Though most of the participants already knew one another well, the papers do not generally assume a very thorough acquaintance with previous literature, and several of them bring together the main results in their fields.

The first paper in the volume, by E. Helmstadter, uses a growth model in the study of economic history. This is followed by two papers (H. Rose and H. Uzawa) on monetary problems, and two (K. Shell and C. C. von Weizsäcker) on inventive activity. Four papers (two by J. E. Stiglitz, the others by L. Spaventa and F. H. Hahn) explore the controversial issues of capital theory by means of growth models, including reswitching and the heterogeneity of capital. Five papers are devoted to various aspects of optimal growth: P. A. Diamond relates optimal taxation and growth; M. Inagaki offers an unorthodox view of intertemporal optimality; D. McFadden summarises and extends theorems on the existence of optimal plans; P. J. Hammond and J. A. Mirrlees propose and analyse a concept to replace optimality; and B. Peleg and M. Yaari report some new results on the prices associated with optimal plans. The final paper, by A. Dixit, surveys some of the growth models that have been applied to the developing economies.