Solovian and New Growth Theory from the Perspective of Allyn Young on Macroeconomic Increasing Returns

Roger Sandilands

No 2009-20, SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE)

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.

Keywords: Allyn Young; aggregate production function; Solow model; macroeconomic increasing returns; endogenous growth theory (search for similar items in EconPapers)
Date: 2009
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Journal Article: Solovian and New Growth Theory from the Perspective of Allyn Young on Macroeconomic Increasing Returns (2009)
Working Paper: Solovian and New Growth Theory from the Perspective of Allyn Young on Macroeconomic Increasing Returns (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:edn:sirdps:103

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