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Allyn Young’s Contribution to Growth Theory

In: Allyn Abbott Young

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  • Ramesh Chandra

Abstract

This chapter takes up Smith’s and Young’s growth ideas, later developments by Kaldor and Currie, post-war development economists and ‘new’ growth and trade theorists. Young interpreted Smith’s relationship between the division of labour and market size in terms of cumulative causation and concluded that the division of labour in large part depends on the division of labour. While Smith laid great stress on the institutional arrangements promoting growth, Young explained the mechanics of the growth process more fully. Young’s students Kaldor and Currie, as well as others like post-war development economists, ‘new’ growth and trade theorists, further developed his growth ideas.

Suggested Citation

  • Ramesh Chandra, 2020. "Allyn Young’s Contribution to Growth Theory," Great Thinkers in Economics, in: Allyn Abbott Young, chapter 4, pages 95-126, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-3-030-31981-6_4
    DOI: 10.1007/978-3-030-31981-6_4
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