This paper deals with Young’s theory of increasing returns taking into account not only his 1928 article, but also various indications to be found in other works. I maintain that the logic of Young’s analysis is based on a multisectoral model subject to quantitative-qualitative transformations. Such a view enables us to understand the author’s emphasis on intersectoral proportionality and his attempt to explain the economic dynamics in the presence of different intersectoral growth rates. In the conclusions the value of Young’s analysis is particularly stressed, in that it represents an interesting request for a paradigmatic shift in the analysis of capitalist economies.
Reconstructing Allyn A. Young’s Theory of Increasing Returns
COLACCHIO, GIORGIO
2005-01-01
Abstract
This paper deals with Young’s theory of increasing returns taking into account not only his 1928 article, but also various indications to be found in other works. I maintain that the logic of Young’s analysis is based on a multisectoral model subject to quantitative-qualitative transformations. Such a view enables us to understand the author’s emphasis on intersectoral proportionality and his attempt to explain the economic dynamics in the presence of different intersectoral growth rates. In the conclusions the value of Young’s analysis is particularly stressed, in that it represents an interesting request for a paradigmatic shift in the analysis of capitalist economies.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
