Solovian and New Growth Theory from the Perspective of Allyn Young on Macroeconomic Increasing Returns
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 Youngâ€™s particular concept of generalised or macroeconomic â€œincreasing returnsâ€ 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 â€œaugmentedâ€ by exogenous technical progress. Youngâ€™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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- 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.
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- Allyn A. Young, 1913. "Pigou's Wealth and Welfare," The Quarterly Journal of Economics, Oxford University Press, vol. 27(4), pages 672-686. Full references (including those not matched with items on IDEAS)
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