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What Remains of the Growth Controversy?

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  • Nancy J. Wulwick
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    Abstract

    This essay contrasts the production function approach to Kaldor's model of increasing returns which are demand-determined. In particular, the essay analyzes Kaldor's three major empirical "laws", which were adopted by later economists, and the criticisms of these three "laws" by economists who used the Cobb-Douglas production function as a basis of analysis. In conclusion, the essay finds that econometrics has provided an inadequate basis upon which to choose between this aggregate production function and Kaldor's model of growth.

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    File URL: http://www.levyinstitute.org/pubs/wp33.pdf
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    Bibliographic Info

    Paper provided by Levy Economics Institute in its series Economics Working Paper Archive with number wp_33.

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    Date of creation: Dec 1989
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    Handle: RePEc:lev:wrkpap:wp_33

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    1. Anthony P. Thirlwall, 2011. "The Balance of Payments Constraint as an Explanation of International Growth Rate Differences," PSL Quarterly Review, Economia civile, vol. 64(259), pages 429-438.
    2. Vaciago, Giacomo, 1975. "Increasing Returns and Growth in Advanced Economies: A Re-evaluation," Oxford Economic Papers, Oxford University Press, vol. 27(2), pages 232-39, July.
    3. Hoover, K.D., 1988. "The Logic Of Causal Inference: With An Application To Money And Prices," Papers 55, California Davis - Institute of Governmental Affairs.
    4. Sargent, Thomas J & Wallace, Neil, 1974. "The Elasticity of Substitution and Cyclical Behavior of Productivity, Wages, and Labor's Share," American Economic Review, American Economic Association, vol. 64(2), pages 257-63, May.
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