GROWTH THEORY WITHOUT GROWTH - NOTES INSPIRED BY REREADING OLGAARD

Anders Olgaard came to MIT in 1960 intending to write a Kunets-like bo ok but in the book from 1966 only the last third was about relative pr ices. The remaining part is a critical review of one and two sector gr owth models. A distingushing characteristics of Olgaard's approach is a very careful discussion of year, vintage and age effects, customaril y represented as exponential functions. The paper explores possibiliti es of less-than-exponential increases in factor productivity, and the role of vintage effects in the short to medium term.