The New Growth Theory

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    Abstract

    This paper discusses the reasons for the success of the New Growth theory. Given that the NGT has a somewhat tautological quality, that its essential ideas have been known for a long time, and that it does not make contact with a large literature on institutions and economic change, its strong success is arguably surprising. At any rate, it causes problems for models of scientific change that focus on novel facts as a criterion of progress, such as Lakatos'. The success of the NGT is better explained by, for example, Laudan's focus on increased problem-solving ability as an important cause of scientific change.
    Original languageEnglish
    Place of PublicationCopenhagen
    PublisherInstitut for Industriøkonomi og Virksomhedsstrategi, Handelshøjskolen i København
    Number of pages29
    ISBN (Print)8778690072
    Publication statusPublished - 1997
    SeriesWorking Paper / Department of Industrial Economics and Strategy. Copenhagen Business School
    Number1997-2
    ISSN1398-7461

    Cite this

    Foss, N. J. (1997). The New Growth Theory. Institut for Industriøkonomi og Virksomhedsstrategi, Handelshøjskolen i København. Working Paper / Department of Industrial Economics and Strategy. Copenhagen Business School, No. 1997-2