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

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  • Roger Sandilands

    ()
    (Department of Economics, University of Strathclyde)

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://www.strath.ac.uk/media/departments/economics/researchdiscussionpapers/2009/09-07RJS.pdf
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Bibliographic Info

Paper provided by University of Strathclyde Business School, Department of Economics in its series Working Papers with number 0907.

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Length: 25 pages
Date of creation: Jan 2009
Date of revision:
Handle: RePEc:str:wpaper:0907

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

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  1. 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.
  2. 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.
  3. 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.
  4. 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.
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