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Published in:
1998 | OriginalPaper | Chapter
Innovation and Increasing Retums to Scale
Author : Kenneth J. Arrow
Published in: Increasing Returns and Economic Analysis
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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There has been a long tradition, going back to Adam Smith (1776), that technological progress is somehow intrinsically associated with increasing Retums. In more recent times, this connection has been emphasized by Young (1928), Nicholas Kaldor (1957), and, still more recently, by Arrow (1962), Shell (1966), and Romer (1990). There is, however, more than one interpretation of the relation.