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Cambridge Journal of Economics 25:97-102 (2001)
Copyright © 2001 Cambridge Political Economy Society

Article

Notes and comments. 'History versus equilibrium' and the theory of economic growth, by Mark Setterfield: a comment

P Toner

79 Cambridge Street, Umina, NSW 2257, Australia
E-mail: Pobar_Toner@Bigpond.com

Abstract

Setterfield criticised previous formal models of cumulative causation (CC) for their determinism in which economic growth rates are simply a function of 'initial conditions'. Setterfield argued these formal models accurately represented the work of the leading CC figure, Nicholas Kaldor. This paper argues that, on the contrary, Kaldor identified a number of endogenous mechanisms that account for those stylised facts of economic history, which are absent in formal models of CC.

Key Words: cumulative causation • institutional economics • Nicholas Kaldor • economic development • economic modelling


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