Abstract
In previous papers [Spear and Young (2014, 2015)], we surveyed the origins, evolution, and dissemination of optimal growth, two-sector and turnpike models up to the early 1970s. Regarding subsequent developments in growth theory, a number of prominent observers, such as Fischer (1988), Stern (1991), and McCallum (1996), maintained that after significant progress in the 1950s and 1960s, economic growth theory “received relatively little attention for almost two decades” [Fischer (1988, p. 329)], and that “by the late 1960s early 1970s, research on the theory of growth more or less stopped” [Stern (1991, p. 259)]. Stern went on to say “the latter half of the 1980s saw a rekindling of growth theory, particularly in the work of Romer . . . and Lucas” (1991, p. 259), that is to say, in the form of “endogenous growth” models. McCallum, for his part, wrote (1996, p. 41), “After a long period of quiescence, growth economics has in the last decade (1986–1995) become an extremely active area of research.” Moreover, Brock and Mirman's (1972b) paper was the sole “extension” of Ramsey–Cass–Koopmans to a “stochastic environment” mentioned by McCallum (1996, 49).
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.