Allyn Abbott Young on macroeconomic increasing returns

Research output: Contribution to conferencePaper

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.

Conference

ConferenceHistory of Economics Conference, Hitotsubashi University, Tokyo
CityTokyo, Japan
Period26/02/0527/02/05

Fingerprint

Endogenous growth theory
Income growth
Macroeconomics
Per capita income
Endogenous growth
External economies
Increasing returns

Keywords

  • macroeconomics
  • Allyn Abbot Young
  • economic growth
  • endogenous growth theory

Cite this

Sandilands, R. J. (2005). Allyn Abbott Young on macroeconomic increasing returns. Paper presented at History of Economics Conference, Hitotsubashi University, Tokyo, Tokyo, Japan, .
Sandilands, R.J. / Allyn Abbott Young on macroeconomic increasing returns. Paper presented at History of Economics Conference, Hitotsubashi University, Tokyo, Tokyo, Japan, .
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keywords = "macroeconomics, Allyn Abbot Young, economic growth, endogenous growth theory",
author = "R.J. Sandilands",
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note = "History of Economics Conference, Hitotsubashi University, Tokyo ; Conference date: 26-02-2005 Through 27-02-2005",

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Sandilands, RJ 2005, 'Allyn Abbott Young on macroeconomic increasing returns' Paper presented at History of Economics Conference, Hitotsubashi University, Tokyo, Tokyo, Japan, 26/02/05 - 27/02/05, .

Allyn Abbott Young on macroeconomic increasing returns. / Sandilands, R.J.

2005. Paper presented at History of Economics Conference, Hitotsubashi University, Tokyo, Tokyo, Japan, .

Research output: Contribution to conferencePaper

TY - CONF

T1 - Allyn Abbott Young on macroeconomic increasing returns

AU - Sandilands, R.J.

PY - 2005

Y1 - 2005

N2 - 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.

AB - 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.

KW - macroeconomics

KW - Allyn Abbot Young

KW - economic growth

KW - endogenous growth theory

UR - http://www.ier.hit-u.ac.jp/English/

M3 - Paper

ER -

Sandilands RJ. Allyn Abbott Young on macroeconomic increasing returns. 2005. Paper presented at History of Economics Conference, Hitotsubashi University, Tokyo, Tokyo, Japan, .