'History versus Equilibrium' and the Theory of Economic Growth, by Mark Setterfield: A Comment.
Setterfield criticised previous formal models of cumulative causation (CC) for their determinism in which economic growth rates are simply a function of "initial conditions". Setterfield argued these formal models accurately represented the work of the leading CC figure, Nicholas Kaldor. This paper argues that, on the contrary, Kaldor identified a number of endogenous mechanisms that account for those stylised facts of economic history, which are absent in formal models of CC. Copyright 2001 by Oxford University Press.
Year of publication: |
2001
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Authors: | Toner, Phillip |
Published in: |
Cambridge Journal of Economics. - Oxford University Press. - Vol. 25.2001, 1, p. 97-102
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Publisher: |
Oxford University Press |
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