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Solovian and new growth theory from the perspective of Allyn Young on macroeconomic increasing returns

Sandilands, R.J. (2009) Solovian and new growth theory from the perspective of Allyn Young on macroeconomic increasing returns. Discussion paper. University of Strathclyde.

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Abstract

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 Young's particular concept of generalised or macroeconomic "increasing returns" 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 "augmented" by exogenous technical progress. Young'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.

Item type: Monograph (Discussion paper)
ID code: 7720
Notes: Also published in: History of Political Economy (2009), 41, pp285-303. (This is a variant record)
Keywords: Solovian, growth theory, Allyn Young, macroeconomic increasing returns, economics, economic theory, Economic Theory
Subjects: Social Sciences > Economic Theory
Department: Strathclyde Business School > Economics
Depositing user: Strathprints Administrator
Date Deposited: 13 Mar 2009 16:34
Last modified: 27 Mar 2015 05:19
URI: http://strathprints.strath.ac.uk/id/eprint/7720

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