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

Research output: Working paperDiscussion paper

9 Downloads (Pure)

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 languageEnglish
Place of PublicationGlasgow
PublisherUniversity of Strathclyde
Number of pages25
Publication statusPublished - 2009

Publication series

NameDiscussion Papers in Economics
PublisherUniversity of Strathclyde
Volume09-07

Fingerprint

New growth theory
Macroeconomics
Increasing returns
Technical progress
Endogenous growth theory
Solow model
Aggregate production function
Policy implications
Returns to scale

Keywords

  • Solovian
  • growth theory
  • Allyn Young
  • macroeconomic increasing returns
  • economics
  • economic theory

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). Glasgow: University of Strathclyde.
Sandilands, Roger. / Solovian and new growth theory from the perspective of Allyn Young on macroeconomic increasing returns. Glasgow : University of Strathclyde, 2009. (Discussion Papers in Economics).
@techreport{e7dac10eea054a28bebeecf47981e779,
title = "Solovian and new growth theory from the perspective of Allyn Young on macroeconomic increasing returns",
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.",
keywords = "Solovian, growth theory, Allyn Young, macroeconomic increasing returns, economics, economic theory",
author = "Roger Sandilands",
note = "Also published in: History of Political Economy (2009), 41, pp285-303. (This is a variant record)",
year = "2009",
language = "English",
series = "Discussion Papers in Economics",
publisher = "University of Strathclyde",
type = "WorkingPaper",
institution = "University of Strathclyde",

}

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, Glasgow.

Solovian and new growth theory from the perspective of Allyn Young on macroeconomic increasing returns. / Sandilands, Roger.

Glasgow : University of Strathclyde, 2009. (Discussion Papers in Economics; Vol. 09-07).

Research output: Working paperDiscussion paper

TY - UNPB

T1 - Solovian and new growth theory from the perspective of Allyn Young on macroeconomic increasing returns

AU - Sandilands, Roger

N1 - Also published in: History of Political Economy (2009), 41, pp285-303. (This is a variant record)

PY - 2009

Y1 - 2009

N2 - 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.

AB - 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.

KW - Solovian

KW - growth theory

KW - Allyn Young

KW - macroeconomic increasing returns

KW - economics

KW - economic theory

UR - http://strathprints.strath.ac.uk/15370/

UR - http://www.strath.ac.uk/business/economics/research/discussionpapers/discussionpapers2009/

M3 - Discussion paper

T3 - Discussion Papers in Economics

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

PB - University of Strathclyde

CY - Glasgow

ER -

Sandilands R. Solovian and new growth theory from the perspective of Allyn Young on macroeconomic increasing returns. Glasgow: University of Strathclyde. 2009. (Discussion Papers in Economics).