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Kaldor's Growth Theory

Published online by Cambridge University Press:  11 June 2009

Nancy J. Wulwick
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The last decade has seen an outburst of growth models designed to replace the conventional Solow growth model, with its exogenous trend of technical progress, by more realistic models that generate increasing returns (to labor, capital and/or scale) as a result of endogenous technical progress. In contrast to the Solow model, the new models suggest that policy interventions can affect the long-run rate of economic growth. Nicholas Kaldor's growth model, designed in the late 1950s and early 1960s to replace the Solow growth model, is a precursor of the new growth models.

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Journal of the History of Economic Thought , Volume 14 , Issue 1 , Spring 1992 , pp. 36 - 54
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Copyright © Cambridge University Press 1992

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