Generalizations of Optimal Growth Theory: Stochastic Models, Mathematics, and Meta-Synthesis
Warren Young () and
Stephen Spear ()
Additional contact information
Warren Young: Bar-Ilan University
No 2015-05, Working Papers from Bar-Ilan University, Department of Economics
In previous papers (Spear and Young 2014, 2015), we surveyed the origins, evolution and dissemination of optimal growth, two sector and turnpike models up to the early 1970s. Regarding subsequent developments in growth theory, a number of prominent observers, such as Fischer (1988), Stern (1991) and McCallum (1996) maintained that after significant progress in the 1950s and 1960s, economic growth theory "received relatively little attention for almost two decades" (Fischer, 1988, 329), and that "by the late 1960s early 1970s, research on the theory of growth more or less stopped" (Stern, 1991, 259). Stern went on to say "the latter half of the 1980s saw a rekindling of growth theory, particularly in the work of Romer… and Lucas" (1991, 259), that is to say, in the form of "endogenous growth" models. McCallum, for his part, wrote (1996, 41) "After a long period of quiescence, growth economics has in the last decade (1986-1995) become an extremely active area of research." Moreover, Brock and Mirman’s (1972) paper was the sole "extension" of Ramsey-Cass-Koopmans to a "stochastic environment" mentioned by McCallum (1996, 49).
New Economics Papers: this item is included in nep-ore
References: Add references at CitEc
Citations Track citations by RSS feed
Downloads: (external link)
http://econ.biu.ac.il/files/economics/working-papers/2015-05.pdf Working paper (application/pdf)
Journal Article: GENERALIZATIONS OF OPTIMAL GROWTH THEORY: STOCHASTIC MODELS, MATHEMATICS, AND METASYNTHESIS (2017)
Working Paper: Generalizations of optimal growth theory: stochastic models, mathematics, and meta-synthesis
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:biu:wpaper:2015-05
Access Statistics for this paper
More papers in Working Papers from Bar-Ilan University, Department of Economics Contact information at EDIRC.
Series data maintained by Department of Economics ().