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What Remains of the Growth Controversy?

  • Nancy J. Wulwick
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    This essay contrasts the production function approach to Kaldor's model of increasing returns which are demand-determined. In particular, the essay analyzes Kaldor's three major empirical "laws", which were adopted by later economists, and the criticisms of these three "laws" by economists who used the Cobb-Douglas production function as a basis of analysis. In conclusion, the essay finds that econometrics has provided an inadequate basis upon which to choose between this aggregate production function and Kaldor's model of growth.

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    File URL: http://www.levyinstitute.org/pubs/wp33.pdf
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    Paper provided by Levy Economics Institute in its series Economics Working Paper Archive with number wp_33.

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    Date of creation: Dec 1989
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    Handle: RePEc:lev:wrkpap:wp_33
    Contact details of provider: Web page: http://www.levyinstitute.org

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    1. Anthony Philip Thirlwall, 1979. "The Balance of Payments Constraint as an Explanation of International Growth Rate Differences," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 32(128), pages 45-53.
    2. Vaciago, Giacomo, 1975. "Increasing Returns and Growth in Advanced Economies: A Re-evaluation," Oxford Economic Papers, Oxford University Press, vol. 27(2), pages 232-39, July.
    3. Hoover, K.D., 1988. "The Logic Of Causal Inference: With An Application To Money And Prices," Papers 55, California Davis - Institute of Governmental Affairs.
    4. Sargent, Thomas J & Wallace, Neil, 1974. "The Elasticity of Substitution and Cyclical Behavior of Productivity, Wages, and Labor's Share," American Economic Review, American Economic Association, vol. 64(2), pages 257-63, May.
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