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'History versus Equilibrium' and the Theory of Economic Growth

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Author Info
Setterfield, Mark

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Abstract

A model of cumulative causation is developed and the limits of this model as a characterization of 'historical' rather than 'equilibrium' long-run growth outcomes are discussed. An extension of the model, which postulates that cumulative causation occurs in the context of technological and institutional regimes, is proposed. Outcomes in the extended model are shown to be more influenced by history than those in the original model. The extended model also addresses a number of recent criticisms of cumulative causation. Copyright 1997 by Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 21 (1997)
Issue (Month): 3 (May)
Pages: 365-78
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Handle: RePEc:oup:cambje:v:21:y:1997:i:3:p:365-78

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  1. Carton, Christine, 2008. "Crecimiento economico en America Latina: Evidencias desde una perspectiva Kaldoriana
    [Economic growth in Latin America: Evidence from a Kaldorian perspective]
    ," MPRA Paper 8696, University Library of Munich, Germany. [Downloadable!]
  2. Mark Roberts, 2004. "The Growth Performances of the GB Counties: Some New Empirical Evidence for 1977-1993 1," Regional Studies, Taylor and Francis Journals, vol. 38(2), pages 149-165, April. [Downloadable!] (restricted)
  3. Miguel A. León-Ledesma, 1999. "Accumulation, Innovation and Catching-Up: An Extended Cumulative Growth Model," Studies in Economics 9906, Department of Economics, University of Kent. [Downloadable!]
    Other versions:
  4. Miguel A. León-Ledesma & A. P. Thirlwall, 1998. "The Endogeneity of the Natural Rate of Growth," Studies in Economics 9821, Department of Economics, University of Kent. [Downloadable!]
    Other versions:
  5. Miguel A. León-Ledesma, 2000. "Cumulative Growth and the Catching-up Debate from a Dis-equilibrium Standpoint," Studies in Economics 0001, Department of Economics, University of Kent. [Downloadable!]
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