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Does modern endogenous growth theory adequately represent Allyn Young?

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  • Ramesh Chandra
  • Roger J. Sandilands

Abstract

Endogenous growth theory is now fashionable. It seeks to explain why per capita income growth in capital abundant countries is often faster than in capital poor countries and defies the operation of diminishing returns. This theory, which took off with Romer and Lucas, often makes Allyn Young's concept of increasing returns and Marshall's distinction between internal and external economies its starting point but considers their treatment of the subject as not sufficiently rigorous. The modern endogenous growth theorists then claim to explain what they had in mind with greater clarity, rigour and depth. This paper argues that this is not the case as these theorists actually misrepresent Young in important ways. Copyright 2005, Oxford University Press.

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  • Ramesh Chandra & Roger J. Sandilands, 2005. "Does modern endogenous growth theory adequately represent Allyn Young?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(3), pages 463-473, May.
    • Handle: RePEc:oup:cambje:v:29:y:2005:i:3:p:463-473
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    Cited by:

    1. Peter Schmidt, 2014. "EU regional policy and its theoretical foundations revisited," ERSA conference papers ersa14p1560, European Regional Science Association.
    2. Ramesh Chandra, 2022. "Was Allyn Young a Marshallian?," Australian Economic Papers, Wiley Blackwell, vol. 61(2), pages 258-279, June.
    3. Perez Caldentey, Esteban & Ali, Anesa, 2010. "Growth and convergence/divergence in productivity under balance-of-payments constraint," MPRA Paper 20056, University Library of Munich, Germany.
    4. Ramesh Chandra & Roger Sandilands, 2006. "The role of pecuniary external economies and economies of scale in the theory of increasing returns," Review of Political Economy, Taylor & Francis Journals, vol. 18(2), pages 193-208.
    5. Satya Prasad Padhi, 2021. "Employment dynamics, increasing returns and Marx's falling rate of profit," PSL Quarterly Review, Economia civile, vol. 74(298), pages 219-245.
    6. Erik Stam & Jan Lambooy, 2012. "Entrepreneurship, Knowledge, Space, and Place: Evolutionary Economic Geography meets Austrian Economics," Advances in Austrian Economics, in: The Spatial Market Process, pages 81-103, Emerald Group Publishing Limited.
    7. John E. King, 2010. "Kaldor and the Kaldorians," Chapters, in: Mark Setterfield (ed.), Handbook of Alternative Theories of Economic Growth, chapter 7, Edward Elgar Publishing.
    8. Satya Prasad Padhi, 2018. "Importance of Employment Growth: A Perspective on Technological Progress," The Indian Journal of Labour Economics, Springer;The Indian Society of Labour Economics (ISLE), vol. 61(2), pages 401-409, June.
    9. Satya Prasad Padhi, 2020. "Poverty Gaps and Gaps in Theory: A Note on “Dynamising” Small Firms," The Indian Journal of Labour Economics, Springer;The Indian Society of Labour Economics (ISLE), vol. 63(3), pages 847-858, September.
    10. Álvaro Martín Moreno Rivas, 2008. "Las leyes del desarrollo económico endógeno de Kaldor: el caso colombiano," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 10(18), pages 129-147, January-J.
    11. Ramesh Chandra, 2006. "Currie's 'leading sector' strategy of growth: an appraisal," Journal of Development Studies, Taylor & Francis Journals, vol. 42(3), pages 490-508.
    12. Ali, Anesa & Pérez Caldentey, Esteban, 2007. "The comparative advantage fallacy and a rule for convergence," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.

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