Resumen

CURRIE, Lauchlin  y  SANDILANDS, Roger. IMPLICATIONS OF AN ENDOGENOUS THEORY OF GROWTH IN ALLYN YOUN'S MACROECONOMIC CONCEPT OF INCREASING RETURNS. Rev.econ.inst. [online]. 2013, vol.15, n.28, pp.95-126. ISSN 0124-5996.

ABSTRACT In this article, Lauchlin Currie clarifies the macroeconomic theory of Allyn Young's "increasing returns", which influenced Currie's policy proposals for Colombia. His theory arises from Adam Smith's classical emphasis on how competition and mobility extend the size of real reciprocal market supply and demand (sharply differentiated from inflationary monetary demand). From this arises, endogenously, greater specialization as a primary source of self-sustaining growth, through the mutual diffusion of external economies. On the other hand, other endogenous theories emphasize the internal economies of scale and greater input of labour and capital -whose contributions are measured by their income-, technical progress driven by protectionism and monopolistic profits.

Palabras clave : endogenous growth; increasing returns; macroeconomic theory; reciprocal demand; self-sustaining growth.

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