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The new growth theory: some intellectual growth accounting

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  • Nicolai Foss

Abstract

This paper discusses the reasons for the success of the new growth theory. Given that the NGT does not appear to say much new about empirical reality, that its essential ideas have been known for a long time, and that it does not really make contact with a large literature on institutions and economic change, its strong success may arguably be seen as surprising. Or, at least, its success may appear peculiar to Lakatosian methodologists, and others who emphasize notions such as 'novel facts'. The reason for the success of the NGT is argued to lie in its constituting a case of strong heuristic progress: it brought growth through knowledge accumulation within the confines of neoclassical economics, and thus demonstrated the continued viability of this research tradition.

Suggested Citation

  • Nicolai Foss, 1998. "The new growth theory: some intellectual growth accounting," Journal of Economic Methodology, Taylor & Francis Journals, vol. 5(2), pages 223-246.
  • Handle: RePEc:taf:jecmet:v:5:y:1998:i:2:p:223-246
    DOI: 10.1080/13501789800000014
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    References listed on IDEAS

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    1. Wagner, Alfred, 1891. "Marshall's Principles of Economics," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 5, pages 319-338.
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    Cited by:

    1. Garzarelli, Giampaolo & Limam, Yasmina Reem & Thomassen, Bjørn, 2007. "Open Source Software and Economic Growth: A Classical Division of Labor Perspective," MPRA Paper 3849, University Library of Munich, Germany.

    More about this item

    Keywords

    Growth theory; scientific progress; Lakatos;

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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