'History versus Equilibrium' and the Theory of Economic Growth

Mark Setterfield

Cambridge Journal of Economics, 1997, vol. 21, issue 3, 365-78

Abstract: A model of cumulative causation is developed and the limits of this model as a characterization of 'historical' rather than 'equilibrium' long-run growth outcomes are discussed. An extension of the model, which postulates that cumulative causation occurs in the context of technological and institutional regimes, is proposed. Outcomes in the extended model are shown to be more influenced by history than those in the original model. The extended model also addresses a number of recent criticisms of cumulative causation. Copyright 1997 by Oxford University Press.

Date: 1997
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