Template-Type:  ReDIF-Paper 1.0
Author-Name:  Roger Sandilands
Author-X-Name-First:  Roger
Author-X-Name-Last:  Sandilands
Author-Email:  r.j.sandilands@strath.ac.uk
Author-Workplace-Name:  Department of Economics, University of Strathclyde
Title:  Solovian and New Growth Theory from the Perspective of Allyn Young on Macroeconomic Increasing Returns
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.
Length:  25 pages
Creation-Date: 2009-01
Revision-Date:
Publication-Status:
File-URL:  http://www.strath.ac.uk/media/1newwebsite/departmentsubject/economics/research/researchdiscussionpapers/2009/09-07RJS.pdf
File-Format:  Application/pdf
File-Function: 
Number:  09-07
Classification-JEL:  B22, B31, O30, O40, O47
Keywords:  Solow model; aggregate production function; Allyn Young; endogenous growth theory; macroeconomic increasing returns.
Handle:RePEc:str:wpaper:0907