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

Roger Sandilands

No 907, Working Papers from University of Strathclyde Business School, Department of Economics

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: Solow model; aggregate production function; Allyn Young; endogenous growth theory; macroeconomic increasing returns. (search for similar items in EconPapers)
JEL-codes: B22 B31 O30 O40 O47 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2009-01
New Economics Papers: this item is included in nep-dge
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http://www.strath.ac.uk/media/1newwebsite/departme ... rs/2009/09-07RJS.pdf (application/pdf)

Related works:
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:str:wpaper:0907

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