Concluding Remarks

Ramesh Chandra

Chapter 10 in Allyn Abbott Young, 2020, pp 303-325 from Palgrave Macmillan

Abstract: Abstract This chapter presents concluding thoughts on Young focusing particularly on the deeper implications of his analysis, the possible Allyn Young paradigm and his legacy. He regarded the role of pecuniary external economies as sign of market success and thought that growth is more opportunity constrained than resource constrained. Elements of the Allyn Young paradigm, which he himself never constructed, would include a central role for money; a theory of value where prices are antecedent rather than derivative to value; a view of the competitive process which includes its imperfect working (i.e., imperfect competition); a theory of business cycles based on distortion of relative prices; and a theory of growth based on disequilibrium.

Date: 2020
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DOI: 10.1007/978-3-030-31981-6_10

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