In recent decades, new endogenous growth theory has become popular but the ideas are not new. They go back at least as far as Adam Smith, and the subsequent contributions made notably by Alfred Marshall and Allyn Young. This book critically discusses and provides an historical perspective to the...

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...

1.Endogenous Growth: Introduction -- 2. Adam Smith and Economic Progress -- 3. Alfred Marshall on Organic Growth -- 4. Allyn Young on Increasing Returns -- 5. Nicholas Kaldor on Equilibrium Economics and Economic Growth -- 6. Lauchlin Currie and the Leading-Sector Model of Growth -- 7. Paul...