In this paper I aim to show through an analysis from a history of economic thought perspective that Harrod's famous model, An Essay in Dynamic Theory (1939), can be considered a fundamental example of cumulative growth circle. Having described the original model, I then go on to examine the...

Gintis (2007, 'The Dynamics of General Equilibrium'', Economic Journal 117 (523) , 1280–1309) provides an agent-based model of a Walrasian economy where the tâtonnement is replaced by imitation. His simulations show that the economy converges to the Walrasian equilibrium. Gintis concludes...

Rothschild (2001) argues that the invisible hand refers to blind individuals and presume privileged knowledge on the part of the social scientist. For this reason, she takes it that the invisible hand is, in fact, an un− Smithian concept and that Smith was making an ironical joke. In this...

How do ideas evolve? Can one speak of scientific progress when there is more than one pathway of intellectual evolution in which different ideas emerge and flow in different directions? Is the history of economic analysis a compilation of a number of intellectual pathways? This essay argues that...

Adam Smith is generally ignored as a trade theorist in textbooks and surveys because of the common belief that he only confirmed the rule of absolute advantages to explain structure of foreign trade. On the other hand, many textbooks and surveys on growth theories simply overlook Smith's...

The uneven state-level distribution of New Deal spending has been frequently studied and a variety of economic and political models have been developed. In their article, “Does the Distribution of New Deal Spending Reflect an Optimal Provision of Public Goods?,†(Economics Bulletin,...

The present endeavor investigated relation between economic growth and gross domestic saving by employing new technique for causal association. Utilizing time series data in the model ARDL Bounds Testing and Johanson Cointegration Approaches for long run association. Innovation Accounting...

Adam Smith is generally ignored as a trade theorist in textbooks and surveys because of the common belief that he only confirmed the rule of absolute advantages to explain structure of foreign trade. On the other hand, many textbooks and surveys on growth theories simply overlook Smith's...

Rothschild (2001) argues that the invisible hand refers to blind individuals and presume privileged knowledge on the part of the social scientist. For this reason, she takes it that the invisible hand is, in fact, an un− Smithian concept and that Smith was making an ironical joke. In this...

Gintis (2007, 'The Dynamics of General Equilibrium'', Economic Journal 117 (523) , 1280–1309) provides an agent-based model of a Walrasian economy where the tâtonnement is replaced by imitation. His simulations show that the economy converges to the Walrasian equilibrium. Gintis concludes...