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

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Author Info
Roger Sandilands () (Department of Economics, University of Strathclyde)

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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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Publisher Info
Paper provided by University of Strathclyde Business School, Department of Economics in its series Working Papers with number 09-07.

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

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

Find related papers by JEL classification:
B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
B31 - Schools of Economic Thought and Methodology - - History of Thought: Individuals - - - Individuals
O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - 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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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. 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. [Downloadable!] (restricted)
  2. 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. [Downloadable!] (restricted)
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