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|
|Contact details of provider:|| Postal: Sir William Duncan Building, 130 Rottenrow, Glasgow G4 0GE|
Phone: +44 (0)141 548 3842
Fax: +44 (0)141 548 4445
Web page: http://www.strath.ac.uk/economics/
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.:
- Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-55, December.
- 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.
- 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.
- 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.
- Allyn A. Young, 1913. "Pigou's Wealth and Welfare," The Quarterly Journal of Economics, Oxford University Press, vol. 27(4), pages 672-686.
- 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.
- 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.
- 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.
- Xiaokai Yang & Jeff Borland, 2005.
"A Microeconomic Mechanism For Economic Growth,"
World Scientific Book Chapters,
in: An Inframarginal Approach To Trade Theory, chapter 18, pages 409-436
World Scientific Publishing Co. Pte. Ltd..
- Kenneth J. Arrow, 1962. "The Economic Implications of Learning by Doing," Review of Economic Studies, Oxford University Press, vol. 29(3), pages 155-173.
- 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.
- 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.
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.