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Technological versus Pecuniary External Economies: The Former Should Rule the Roost

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  • Satya Prasad Padhi

Abstract

The paper endeavors to illustrate that though the existing literature emphasizes the dynamic role of Scitovskian pecuniary external economies to account for the growth of innovations, highlighting particular types of market interdependence, such interdependencies can just highlight quasi-rent-led static adjustments that do not ensure an endogenous growth of innovations; the possibility of the growth of innovations remains exogenous. In this context, the present paper highlights the importance of division of labor-led dynamic technological external economies that ensures the endogenous growth of innovations, underlining the need of reinterpretation of Allyn Young in a broader Kaldorian-Keynesian perspective. In this perspective, finance-led investment in more productive opportunities not only supports increases in market size but also begets further investment in (still) more productive opportunities. This understanding provides a more dynamic conceptualization of Keynesian pecuniary external economies that are driven by Youngian technological external economies.

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  • Satya Prasad Padhi, 2019. "Technological versus Pecuniary External Economies: The Former Should Rule the Roost," Journal of Economic Issues, Taylor & Francis Journals, vol. 53(1), pages 81-97, January.
    • Handle: RePEc:mes:jeciss:v:53:y:2019:i:1:p:81-97
    DOI: 10.1080/00213624.2019.1557002
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    Cited by:

    1. Satya Prasad Padhi, 2021. "Employment dynamics, increasing returns and Marx's falling rate of profit," PSL Quarterly Review, Economia civile, vol. 74(298), pages 219-245.
    2. Satya Prasad Padhi, 2024. "Indian Experience of Managing Impossible Trinity, Growth and Possible Tradeoff Between FDI and FIIs: Nature of Capital Inflows Matter," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 16(1), pages 44-63, January.
    3. Satya Prasad Padhi, 2020. "Poverty Gaps and Gaps in Theory: A Note on “Dynamising” Small Firms," The Indian Journal of Labour Economics, Springer;The Indian Society of Labour Economics (ISLE), vol. 63(3), pages 847-858, September.

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