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18. What Are the Major Advances in Growth Theory since Solow? Watch Video Connection Speed: High Speed Low Speed    Event Title : PREM Conference 2006 Date : 4/26/2006 Duration : 81 minutes Language  : English Country/Region : World Keyword :  Economic Growth     Presenter : Daron Acemoglu Philippe Aghion Michael Spence | Related Material | Recommendations |Related B-SPAN Videos |  DESCRIPTION  On April 25 and 26, 2006, the Poverty Reduction and Economic Management (PREM) Conference 2006 was convened in Washington, DC, to discuss the theme of Microeconomic and Institutional Foundations of Growth. The conference offered an opportunity to reflect on issues at the heart of the World Bank’s engagement with clients. The key theme was how to accelerate economic growth and reduce poverty in light of the broadening agreement that economic growth is the basic condition for achieving and sustaining social progress and development. This session’s topic is What Are the Major Advances in Growth Theory since Solow? Chair Michael Spence, Philip H. Knight Professor Emeritus, Stanford University, and Recipient of the 2001 Nobel Memorial Prize in Economic Sciences, posed two questions for the speakers: What have we learned from the past 50 years of growth? What has been accomplished and what still needs to be done regarding economic development and growth in the modern world?. Daron Acemoglu, Professor of Applied Economics, Massachusetts Institute of Technology, noted that the richest nations today are 30 to 40 times as rich as the poorest. He asked why this is so, what can be done about it, and what the future holds. After noting Solow’s contributions, he identified two conceptual revolutions in economic thinking about growth and development process as a unity. He also identified a need for a more micro understanding of processes that lead to macro outcomes. Philippe Aghion, Professor, Department of Economics, Harvard University, used three endogenous growth paradigms developed in response to Solow to discuss aspects of growth policy. Audience questions provoked discussion on the product variety model, intervention with firms, and political power.  RELATED MATERIALS   PREM (World Bank staff only) Conference Agenda (World Bank staff only) Related World Bank and Other Links: World Bank: PovertyNet Related B-SPAN Events: Attacking Extreme Poverty Seminar Business, NGOs, and Development RELATED B-SPAN EVENTS Economic Growth (102)