Endogenous growth theory (EGT) was launched by Romer (1986) and Lucas (1988) over 10 years ago. Its initial developments are featured in Grossman and Helpman (1991), Barro and Sala-i-Martin (1995), Aghion and Howitt (1998) while its further growth is promoted by the quarterly issues of the Journal of Economic Growth which was founded in 1996. Ever since the new models appeared, they have been welcomed as the rebirth of a theory which, despite the dry spell of the 1970s and earlier major shifts in the skies of high theory, is as old as economics itself. Looking at this rebirth from a distance, one may feel prone to ask a few questions. Is, for instance, this rebirth but a fashion doomed to wane in our research interests and discussions? And whether doomed or not, how does it relate to other theories of growth, be they of the “magnificent” kind (in Baumol’s terms) worked out by the classics or of the narrower kind exhibited in the models of the moderns?
Review Article on "Old and New Growth Theories: An Assessment", pp.XV-348; and "The Theory of Economic Growth. A 'Classical' Perspective", pp.XIII-395, Neri Salvadori ed., Aldershot: Edward Elgar, 2003
MEACCI, FERDINANDO
2004
Abstract
Endogenous growth theory (EGT) was launched by Romer (1986) and Lucas (1988) over 10 years ago. Its initial developments are featured in Grossman and Helpman (1991), Barro and Sala-i-Martin (1995), Aghion and Howitt (1998) while its further growth is promoted by the quarterly issues of the Journal of Economic Growth which was founded in 1996. Ever since the new models appeared, they have been welcomed as the rebirth of a theory which, despite the dry spell of the 1970s and earlier major shifts in the skies of high theory, is as old as economics itself. Looking at this rebirth from a distance, one may feel prone to ask a few questions. Is, for instance, this rebirth but a fashion doomed to wane in our research interests and discussions? And whether doomed or not, how does it relate to other theories of growth, be they of the “magnificent” kind (in Baumol’s terms) worked out by the classics or of the narrower kind exhibited in the models of the moderns?
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