Solow's Harrod

Autor(en)

Verena Halsmayer

Abstrakt

Abstract: Modern growth theory derives mostly from Solow's “A Contribution to the Theory of Economic Growth” (1956). Solow's own interpretation locates its origins in his view that Harrod's growth model implied a tendency toward progressive collapse of the economy. He formulates his view in terms of Harrod's invoking a fixed-coefficients production function. We challenge Solow's reading of Harrod's “Essay in Dynamic Theory,” arguing that Harrod's object in providing a “dynamic” theory had little to do with the problem of long-run growth as Solow understood it, but instead addressed medium-run fluctuations, the “inherent instability” of economies. Solow's interpretation of Harrod was grounded in a particular culture of understanding embedded in the practice of formal modelling that emerged in economics in the post-Second World War period. Solow's interpretation, which ultimately dominated the profession's view of Harrod, is a case study in the difficulties in communicating across distinct interpretive communities and of the potential for losing content and insights in the process. Harrod's objects – particularly, of trying to account for a tendency of the economy toward chronic recessions – were lost to the mainstream literature.

Organisation(en)

Institut für Geschichte

Externe Organisation(en)

Duke University

Journal

European Journal of the History of Economic Thought

Band

23

Seiten

561-596

Anzahl der Seiten

36

ISSN

0967-2567

DOI

https://doi.org/10.1080/09672567.2014.1001763

Publikationsdatum

07-2016

Peer-reviewed

Ja

ÖFOS 2012

502047 Volkswirtschaftstheorie, 601022 Zeitgeschichte

Schlagwörter

ASJC Scopus Sachgebiete

Allgemeine Kunst und Geisteswissenschaften, Economics, Econometrics and Finance (miscellaneous), History and Philosophy of Science

Sustainable Development Goals

SDG 8 – Menschenwürdige Arbeit und Wirtschaftswachstum

Link zum Portal

https://ucrisportal.univie.ac.at/de/publications/f37dae76-9203-44c8-a3da-8372c86c8775