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Solovian and New Growth Theory from the Perspective of Allyn Young on Macroeconomic Increasing Returns

  • Sandilands, Roger

This paper evaluates, from an Allyn Youngian perspective, the neoclassical Solow model of growth and the associated empirical estimates of the sources of growth based on it. It attempts to clarify Young’s particular concept of generalised or macroeconomic “increasing returns” to show the limitations of a model of growth based on an assumption that the aggregate production function is characterised by constant returns to scale but “augmented” by exogenous technical progress. Young’s concept of endogenous, self-sustaining growth is also shown to differ in important respects (including in its policy implications) from modern endogenous growth theory.

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File URL: http://hdl.handle.net/10943/103
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Paper provided by Scottish Institute for Research in Economics (SIRE) in its series SIRE Discussion Papers with number 2009-20.

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Date of creation: 2009
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Handle: RePEc:edn:sirdps:103
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  1. 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.
  2. Allyn A. Young, 1913. "Pigou's Wealth and Welfare," The Quarterly Journal of Economics, Oxford University Press, vol. 27(4), pages 672-686.
  3. Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-55, December.
  4. James M. Buchanan & Yong J. Yoon, 1999. "Generalized Increasing Returns, Euler's Theorem, and Competitive Equilibrium," History of Political Economy, Duke University Press, vol. 31(3), pages 511-523, Fall.
  5. 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.
  6. Yang, Xiaokai & Borland, Jeff, 1991. "A Microeconomic Mechanism for Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 460-82, June.
  7. Zhang, Yongsheng & Zhao, Xueyan, 2004. "Testing the scale effect predicted by the Fujita-Krugman urbanization model," Journal of Economic Behavior & Organization, Elsevier, vol. 55(2), pages 207-222, October.
  8. Laidler, D., 1993. "Hawtrey, Harvard, and the Origins of the Chicago Tradition," UWO Department of Economics Working Papers 9302, University of Western Ontario, Department of Economics.
  9. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 70(1), pages 65-94.
  10. Kenneth J. Arrow, 1962. "The Economic Implications of Learning by Doing," Review of Economic Studies, Oxford University Press, vol. 29(3), pages 155-173.
  11. Alberto F. Ades & Edward L. Glaeser, 1999. "Evidence on Growth, Increasing Returns, and the Extent of the Market," The Quarterly Journal of Economics, Oxford University Press, vol. 114(3), pages 1025-1045.
  12. Buchanan, James M., 2008. "Let Us Understand Adam Smith," Journal of the History of Economic Thought, Cambridge University Press, vol. 30(01), pages 21-28, March.
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