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Allyn Abbott Young on macroeconomic increasing returns

Sandilands, R.J. (2005) Allyn Abbott Young on macroeconomic increasing returns. In: History of Economics Conference, Hitotsubashi University, Tokyo, 2005-02-26 - 2005-02-27, Tokyo, Japan.

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Abstract

Endogenous growth theory is now fashionable. It seeks to explain why per capita income growth in capital abundant countries is often faster than in capital poor countries and defies the operation of diminishing returns. This theory, which took off with Romer and Lucas, often makes Allyn Young's concept of increasing returns and Marshall's distinction between internal and external economies its starting point but considers their treatment of the subject as not sufficiently rigorous. The modern endogenous growth theorists then claim to explain what they had in mind with greater clarity, rigour and depth. This paper argues that this is not the case as these theorists actually misrepresent Young in important ways.

Item type: Conference or Workshop Item (Paper)
ID code: 7245
Keywords: macroeconomics, Allyn Abbot Young, economic growth, endogenous growth theory, Commerce
Subjects: Social Sciences > Commerce
Department: Strathclyde Business School > Economics
Related URLs:
Depositing user: Strathprints Administrator
Date Deposited: 09 Jan 2009 15:14
Last modified: 04 Oct 2012 17:06
URI: http://strathprints.strath.ac.uk/id/eprint/7245

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