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Cumulative Causation, Interrelatedness and the Theory of Economic Growth: A Reply to Argyrous and Toner


  • Setterfield, Mark


In responding to the comments of George Argyrous and Phillip Toner, this reply focuses on four areas of contention between myself and my critics. First, it is suggested that my original model places more weight on the growth-enhancing characteristics of increasing specialisation in production than either Argyrous or Toner acknowledge. Secondly, it is demonstrated that both "formal" and "verbal" models of cumulative growth typically place unwarranted emphasis on the importance of initial conditions. Thirdly, the evolutionary properties of my original model are defended against the claim that lock-in renders it mechanical and deterministic. Finally, it is argued that mathematically modelling open but structured social processes (such as economic growth) should not be rejected as redundant in principle. Copyright 2001 by Oxford University Press.

Suggested Citation

  • Setterfield, Mark, 2001. "Cumulative Causation, Interrelatedness and the Theory of Economic Growth: A Reply to Argyrous and Toner," Cambridge Journal of Economics, Oxford University Press, vol. 25(1), pages 107-112, January.
  • Handle: RePEc:oup:cambje:v:25:y:2001:i:1:p:107-12

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    References listed on IDEAS

    1. Stephen J. Brown & William N. Goetzmann & James M. Park, 1998. "Hedge Funds and the Asian Currency Crisis of 1997," New York University, Leonard N. Stern School Finance Department Working Paper Seires 98-014, New York University, Leonard N. Stern School of Business-.
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    Cited by:

    1. Bill Gibson, 2010. "The Structuralist Growth Model," Chapters,in: Handbook of Alternative Theories of Economic Growth, chapter 1 Edward Elgar Publishing.
    2. Ricardo Chica & Oscar Guevara & Diana López & Daniel Osorio, 2012. "Growth determinants in Latin America and East Asia: has globalization changed the engines of growth?," COYUNTURA ECONÓMICA, FEDESARROLLO, June.

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