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.
|Date of creation:||Jan 2009|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: +44 (0)141 548 3842
Fax: +44 (0)141 548 4445
Web page: http://www.strath.ac.uk/economics/Email:
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Laidler, David, 1993.
"Hawtrey, Harvard, and the Origins of the Chicago Tradition,"
Journal of Political Economy,
University of Chicago Press, vol. 101(6), pages 1068-1103, December.
- 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.
- 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.
- 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.
When requesting a correction, please mention this item's handle: RePEc:str:wpaper:0907. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Kirsty Hall)
If references are entirely missing, you can add them using this form.