Cumulative causation, interrelatedness and the theory of economic growth: a reply to Argyrous and Toner

Authors
Citation
M. Setterfield, Cumulative causation, interrelatedness and the theory of economic growth: a reply to Argyrous and Toner, CAMB J ECON, 25(1), 2001, pp. 107-112
Citations number
12
Categorie Soggetti
Economics
Journal title
CAMBRIDGE JOURNAL OF ECONOMICS
ISSN journal
0309166X → ACNP
Volume
25
Issue
1
Year of publication
2001
Pages
107 - 112
Database
ISI
SICI code
0309-166X(200101)25:1<107:CCIATT>2.0.ZU;2-P
Abstract
In responding to the comments of George Argyrous and Phillip Toner, this re ply focuses on four areas of contention between myself and my critics. Firs t, it is suggested that my original model places more weight on the growth- enhancing characteristics of increasing specialisation in production than e ither Argyrous or Toner acknowledge. Secondly, it is demonstrated that both 'formal' and 'verbal' models of cumulative growth typically place unwarran ted emphasis on the importance of initial conditions. Thirdly, the evolutio nary properties of my original model are defended against the claim that lo ck-in renders it mechanical and deterministic. Finally, it is argued that m athematically modelling open but structured social processes (such as econo mic growth) should not be rejected as redundant in principle.