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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- 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.
- Kenneth J. Arrow, 1962. "The Economic Implications of Learning by Doing," Review of Economic Studies, Oxford University Press, vol. 29(3), pages 155-173.
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UWO Department of Economics Working Papers
9302, University of Western Ontario, Department of Economics.
- 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.
- 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.
- Allyn A. Young, 1913. "Pigou's Wealth and Welfare," The Quarterly Journal of Economics, Oxford University Press, vol. 27(4), pages 672-686.
- 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.
- 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.
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