Evolution of Modern Growth Theory: Documents and Recollections

Date : 

        For the past three decades, Young has been engaged in the “reconstruction” of the historical narratives of some areas in modern economics (see, for example, Young 1987, 1989, 1993, 2004, 2014). In 2011, he teamed up with Stephen Spear of Carnegie-Mellon University [CMU] to “reconstruct” the origins and development of Modern Growth Theory [MGT], that is, from the 1960s onwards.

        Our MGT project, sponsored by CMU, Macroeconomic Dynamics [MD], and with the cooperation of Karl Shell, Paul Romer, William Barnett, and many others, has resulted in a series of papers published in, and in preparation for publication in MD as below:

  • "Optimum Savings and Optimal Growth: the Cass-Malinvaud-Koopmans Nexus" Macroeconomic Dynamics, 2013
  • "Two Sector Growth, Optimal Growth and the Turnpike: amalgamation and metamorphosis", Macroeconomic Dynamics, 2014
  • “Generalizations of Optimal Growth Theory: Stochastic Models, Mathematics and Meta-synthesis”, Macroeconomic Dynamics, 2015
  • "Endogenous Growth Theory and Models: the 'First Wave', 1952-73" Macroeconomic Dynamics, 2017
  • “Endogenous Growth Theory and Models: Continuity and Change: the ‘Second Wave’, 1974-1994” [in preparation]

        In my presentation, I will talk about the methodological approach we have taken, the output and future plans of our ongoing research project.