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Does modern endogenous growth theory adequately represent Allyn Young?

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  • Ramesh Chandra
  • Roger J. Sandilands

Abstract

Endogenous growth theory is now fashionable. It seeks to explain why per capita income growth in capital abundant countries is often faster than in capital poor countries and defies the operation of diminishing returns. This theory, which took off with Romer and Lucas, often makes Allyn Young's concept of increasing returns and Marshall's distinction between internal and external economies its starting point but considers their treatment of the subject as not sufficiently rigorous. The modern endogenous growth theorists then claim to explain what they had in mind with greater clarity, rigour and depth. This paper argues that this is not the case as these theorists actually misrepresent Young in important ways. Copyright 2005, Oxford University Press.

Suggested Citation

  • Ramesh Chandra & Roger J. Sandilands, 2005. "Does modern endogenous growth theory adequately represent Allyn Young?," Cambridge Journal of Economics, Oxford University Press, vol. 29(3), pages 463-473, May.
  • Handle: RePEc:oup:cambje:v:29:y:2005:i:3:p:463-473
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    File URL: http://hdl.handle.net/10.1093/cje/bei005
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    Cited by:

    1. Peter Schmidt, 2014. "EU regional policy and its theoretical foundations revisited," ERSA conference papers ersa14p1560, European Regional Science Association.
    2. Perez Caldentey, Esteban & Ali, Anesa, 2010. "Growth and convergence/divergence in productivity under balance-of-payments constraint," MPRA Paper 20056, University Library of Munich, Germany.
    3. Álvaro Martín Moreno Rivas, 2008. "Las leyes del desarrollo económico endógeno de Kaldor: el caso colombiano," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 10(18), pages 129-147, January-J.
    4. Ramesh Chandra & Roger Sandilands, 2006. "The role of pecuniary external economies and economies of scale in the theory of increasing returns," Review of Political Economy, Taylor & Francis Journals, vol. 18(2), pages 193-208.
    5. E. Stam & J.G. Lambooy, 2012. "Entrepreneurship, Knowledge, Space, and Place: Evolutionary Economic Geography meets Austrian Economics," Working Papers 12-11, Utrecht School of Economics.
    6. Ramesh Chandra, 2006. "Currie's 'leading sector' strategy of growth: an appraisal," Journal of Development Studies, Taylor & Francis Journals, vol. 42(3), pages 490-508.
    7. Ali, Anesa & Pérez Caldentey, Esteban, 2007. "The comparative advantage fallacy and a rule for convergence," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    8. John E. King, 2010. "Kaldor and the Kaldorians," Chapters,in: Handbook of Alternative Theories of Economic Growth, chapter 7 Edward Elgar Publishing.

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