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Perspectives on Allyn Young in Theories of Endogenous Growth

Published online by Cambridge University Press:  11 June 2009

Roger J. Sandilands
Roger J. Sandilands
Affiliation:
Department of Economics, University of Strathclyde, 100 Cathedral Street, Glasglow G4 0LN, United Kingdom.
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Extract

A central message of Allyn Abbott Young's (1928) seminal paper on increasing returns and economic progress was the seeming tautology that “the division of labor depends in large part upon the division of labor.” From this he deduced that a major source of growth is growth itself. In this fundamental sense growth is endogenous and cumulative. He spoke of the “togetherness” of economic phenomena and doubted that the apparatus of supply and demand and marginal productivity theory could be integrated to give the social picture or explain why growth tends to be self-sustaining rather than self-exhausting.

Type
Research Article
Information
Journal of the History of Economic Thought , Volume 22 , Issue 3 , September 2000 , pp. 309 - 328
Copyright
Copyright © The History of Economics Society 2000

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