Increasing Returns and Economic Progress¶
Young, A. A. (1928). Increasing Returns and Economic Progress. Economic Journal, 38(152), 527-542.
Cited by¶
2 citations across 2 artifacts.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Economies of Scale
- … Principles of Economics (1890), which distinguished internal economies (within a firm) from external economies (across firms in a region or industry), and to Allyn Young's 1928 presidential address to Section F of the British Association for the Advancement of Science, Increasing Returns and Economic Progress,
This sourcePresidential address to Section F of the British Association (Glasgow, Sept. 1928); elevates scale-driven productivity growth from a static cost-curve concept to a dynamic engine of economic development through deepening division of labour at the level of the whole economy; supports the inline claim that Young elevated scale-driven productivity to a central engine of development.
- … Principles of Economics (1890), which distinguished internal economies (within a firm) from external economies (across firms in a region or industry), and to Allyn Young's 1928 presidential address to Section F of the British Association for the Advancement of Science, Increasing Returns and Economic Progress,
- Increasing Returns
- The classical-economics default — diminishing marginal returns, where each extra unit yields less — is locally overturned: the curve bends up instead of down, often producing self-reinforcing dynamics, multiple equilibria, and lock-in, an observation Young (1928) had already pressed against the standard textbook framing.
This sourcePresidential address to Section F of the British Association for the Advancement of Science; elevated scale-driven productivity growth from a static cost-curve concept to a dynamic engine of economic development through industrial deepening and division of labor at the level of the entire economy.
Supported in partVerified against the publisher's abstract
Young's abstract (all we could obtain) argues the standard equilibrium apparatus may obscure increasing-returns phenomena — the claim's frame, but not multiple equilibria, lock-in, or self-reinforcement.
“I suspect, indeed, that the apparatus which economists have built up for dealing effectively with the range of questions to which I have just referred may stand in the way of a clear view of the more general or elementary aspects of the phenomena of increasing returns, such as I wish to comment upon in this paper”
- The classical-economics default — diminishing marginal returns, where each extra unit yields less — is locally overturned: the curve bends up instead of down, often producing self-reinforcing dynamics, multiple equilibria, and lock-in, an observation Young (1928) had already pressed against the standard textbook framing.
Verification¶
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