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Technical Progress in the Theory of Economic Growth

In: Economics in a Changing World

Author

Listed:
  • Philippe Aghion

    (Nuffield College, Oxford University)

  • Peter Howitt

    (Institut d’Économie Industrielle, Université Des Sciences Sociales)

Abstract

Economics is now experiencing the second post-war wave of neo-classical growth theory. This wave has brought relief to those tired of the sterile debates that have plagued macroeconomic theory for so long. Unlike Keynesianism, monetarism, new classicism and real business cycle theory, the endogenous growth movement has not divided the discipline of macroeconomics into two opposing camps. Instead, there has been an almost total absence of controversy, and a coming together of previously incompatible schools of macroeconomists, all of whom are now addressing the same topic with the same class of models. Instead of greeting endogenous growth theory with dogmatic resistance, the macroeconomics profession embraced it almost as soon as Romer’s (1986) seminal contribution appeared in print.

Suggested Citation

  • Philippe Aghion & Peter Howitt, 1995. "Technical Progress in the Theory of Economic Growth," International Economic Association Series, in: Jean-Paul Fitoussi (ed.), Economics in a Changing World, chapter 5, pages 101-122, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-23953-5_5
    DOI: 10.1007/978-1-349-23953-5_5
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    Cited by:

    1. Peter J. Hammond, "undated". "Multilaterally Strategy-Proof Mechanisms in Random Aumann--Hildenbrand Macroeconomies," Working Papers 97022, Stanford University, Department of Economics.
    2. Facchini, François & Seghezza, Elena, 2018. "Public spending structure, minimal state and economic growth in France (1870–2010)," Economic Modelling, Elsevier, vol. 72(C), pages 151-164.

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