Solovian and New Growth Theory from the Perspective of Allyn Young on Macroeconomic Increasing Returns
Data(s) |
02/03/2012
02/03/2012
2009
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Resumo |
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. |
Identificador | |
Publicador |
University of Strathclyde |
Relação |
SIRE DISCUSSION PAPERS;SIRE-DP-2009-20 |
Palavras-Chave | #Allyn Young #aggregate production function #Solow model #macroeconomic increasing returns #endogenous growth theory |
Tipo |
Working Paper |