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Copyright © Cambridge Political Economy Society

research-article

‘History versus equilibrium’ and the theory of economic growth

Mark Setterfield*

*Trinity College CT

Abstract

A model of cumulative causation is developed and the limits of this model as a characterisation of ‘historical’ rather than ‘equilibrium’ long-run growth outcomes are discussed. An extension of the model, which postulates that cumulative causation occurs in the context of technological and institutional regimes, is proposed. Outcomes in the extended model are shown to be more influenced by history than those in the original model. The extended model also addresses a number of recent criticisms of cumulative causation.

Manuscript received May 16, 1995; final version received November 15, 1995.


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