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The Long‐Run implications of Growth Theories
Author(s) -
Temple Jonathan
Publication year - 2003
Publication title -
journal of economic surveys
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.657
H-Index - 92
eISSN - 1467-6419
pISSN - 0950-0804
DOI - 10.1111/1467-6419.00202
Subject(s) - economics , growth theory , positive economics , neoclassical economics , process (computing) , macroeconomics , computer science , operating system
This paper draws attention to some possible misunderstandings concerning the place of long‐run outcomes in growth theory. It argues that the traditional emphasis on these outcomes is often misguided. As a result of this emphasis, too much attention is paid to the role of knife‐edge assumptions, and researchers may be led to interpretations of the evidence, or models of the growth process, that are not wholly sensible.