This book assesses major schools of thought in macroeconomic theory between the Great Depression and the Long Recession, focusing on their analysis of cycles, crises and macro-policy. It explores the road from the dominance of Keynesian ideas to those of New Classical Macroeconomics (NCM) toward...

A recently developed stochastic frontier production function methodology is used to estimate econometrically how technical efficiency, technological progress, and returns to scale contributed to US states’ economic growth in 1979-2000. Improved regional human capital data that are superior to...