The book under review examines endogenous growth from a historical perspective, starting with Adam Smith and coming forward into the twenty-first century. What it tries to illuminate is not one thing but many. Growth we know of, but why endogenous? How does it relate to economic development? Is there any interaction between growth and development, and do they have a common history? These are general questions also asked by others. Why has the author entered this field? Chandra's originality lies in presenting ideas that he traces to Adam Smith and Allyn Young. The division of labor is fundamental to both Smith and Young, and the role of increasing returns, albeit in a new sense, was made central to Young's vision of capitalism. Chandra believes that the insights of Smith and Young have been neglected and need to be resurrected. The editor was kind enough to permit me to review the...
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