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

Roger Sandilands

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

Roger Sandilands

Economics

Research output: Working paper › Discussion paper

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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.

Original language	English
Place of Publication	Glasgow
Publisher	University of Strathclyde
Number of pages	25
Publication status	Published - 2009

Publication series

Name	Discussion Papers in Economics
Publisher	University of Strathclyde
Volume	09-07

Keywords

Solovian
growth theory
Allyn Young
macroeconomic increasing returns
economics
economic theory

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Research Output

1 Article

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

Sandilands, R. J., 2009, In : History of Political Economy. 41, p. 285-303 18 p.

Research output: Contribution to journal › Article

6 Citations (Scopus)

Cite this

Sandilands, R. (2009). Solovian and new growth theory from the perspective of Allyn Young on macroeconomic increasing returns. (Discussion Papers in Economics; Vol. 09-07). University of Strathclyde.

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