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Solovian and New Growth Theory from the Perspective of Allyn Young on Macroeconomic Increasing Returns

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  • Sandilands, Roger

Abstract

This paper evaluates, from an Allyn Youngian perspective, the neoclassical Solow model of growth and the associated empirical estimates of the sources of growth based on it. It attempts to clarify Young’s particular concept of generalised or macroeconomic “increasing returns” to show the limitations of a model of growth based on an assumption that the aggregate production function is characterised by constant returns to scale but “augmented” by exogenous technical progress. Young’s concept of endogenous, self-sustaining growth is also shown to differ in important respects (including in its policy implications) from modern endogenous growth theory.

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File URL: http://repo.sire.ac.uk/handle/10943/103
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Bibliographic Info

Paper provided by Scottish Institute for Research in Economics (SIRE) in its series SIRE Discussion Papers with number 2009-20.

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Date of creation: 2009
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Handle: RePEc:edn:sirdps:103

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Keywords: Allyn Young; aggregate production function; Solow model; macroeconomic increasing returns; endogenous growth theory;

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  1. Ramesh Chandra, 2006. "Currie's 'leading sector' strategy of growth: an appraisal," Journal of Development Studies, Taylor & Francis Journals, vol. 42(3), pages 490-508.
  2. Yang, Xiaokai & Borland, Jeff, 1991. "A Microeconomic Mechanism for Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 460-82, June.
  3. Laidler, David, 1993. "Hawtrey, Harvard, and the Origins of the Chicago Tradition," Journal of Political Economy, University of Chicago Press, vol. 101(6), pages 1068-1103, December.
  4. Buchanan, James M., 2008. "Let Us Understand Adam Smith," Journal of the History of Economic Thought, Cambridge University Press, vol. 30(01), pages 21-28, March.
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