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

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

Publication series

NameDiscussion Papers in Economics
PublisherUniversity of Strathclyde
Volume09-07

Keywords

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

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    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.