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'History versus Equilibrium' and the Theory of Economic Growth, by Mark Setterfield: A Comment

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  • Toner, Phillip

Abstract

Setterfield criticised previous formal models of cumulative causation (CC) for their determinism in which economic growth rates are simply a function of "initial conditions". Setterfield argued these formal models accurately represented the work of the leading CC figure, Nicholas Kaldor. This paper argues that, on the contrary, Kaldor identified a number of endogenous mechanisms that account for those stylised facts of economic history, which are absent in formal models of CC. Copyright 2001 by Oxford University Press.

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  • Toner, Phillip, 2001. "'History versus Equilibrium' and the Theory of Economic Growth, by Mark Setterfield: A Comment," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 25(1), pages 97-102, January.
    • Handle: RePEc:oup:cambje:v:25:y:2001:i:1:p:97-102
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    Cited by:

    1. 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.
    2. Michael Dunford, 2002. "Italian Regional Evolutions," Environment and Planning A, , vol. 34(4), pages 657-694, April.

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