This paper uses the concept of cointegration and a theoretical framework that incorporates transitional dynamics to re-examine the evidence concerning empirical support for 1st generation, semi-endogenous growth, and Schumpeterian growth. The data for the post-war US economy show that the...

Traditionally, classical theorists assume a constant conventional share of wages in gross output. This assumption, together with fixed proportions, creates endogenous growth via an 'AK' style model. Pasinetti explored this model when the wage is allowed to adjust to ensure full employment. We...