Solovian and New Growth Theory from the Perspective of Allyn Young on Macroeconomic Increasing Returns
AbstractThis 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 Youngâ€™s particular concept of generalised or macroeconomic â€œincreasing returnsâ€ 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 â€œaugmentedâ€ by exogenous technical progress. Youngâ€™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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Bibliographic InfoPaper provided by University of Strathclyde Business School, Department of Economics in its series Working Papers with number 0907.
Length: 25 pages
Date of creation: Jan 2009
Date of revision:
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More information through EDIRC
Solow model; aggregate production function; Allyn Young; endogenous growth theory; macroeconomic increasing returns.;
Other versions of this item:
- Roger J. Sandilands, 2009. "Solovian and New Growth Theory from the Perspective of Allyn Young on Macroeconomic Increasing Returns," History of Political Economy, Duke University Press, vol. 41(5), pages 285-303, Supplemen.
- Sandilands, Roger, 2009. "Solovian and New Growth Theory from the Perspective of Allyn Young on Macroeconomic Increasing Returns," SIRE Discussion Papers 2009-20, Scottish Institute for Research in Economics (SIRE).
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
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