Cumulative Causation, Interrelatedness and the Theory of Economic Growth: A Reply to Argyrous and Toner

Mark Setterfield

Cambridge Journal of Economics, 2001, vol. 25, issue 1, 107-12

Abstract: In responding to the comments of George Argyrous and Phillip Toner, this reply focuses on four areas of contention between myself and my critics. First, it is suggested that my original model places more weight on the growth-enhancing characteristics of increasing specialisation in production than either Argyrous or Toner acknowledge. Secondly, it is demonstrated that both "formal" and "verbal" models of cumulative growth typically place unwarranted emphasis on the importance of initial conditions. Thirdly, the evolutionary properties of my original model are defended against the claim that lock-in renders it mechanical and deterministic. Finally, it is argued that mathematically modelling open but structured social processes (such as economic growth) should not be rejected as redundant in principle. Copyright 2001 by Oxford University Press.

Date: 2001
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