Working Paper Series, Department of Industrial Economics & Strategy, Copenhagen Business School
No 97-2:
The New Growth Theory: Some Intellectual Growth Accounting.
Nicolai J. Foss
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
Keywords: economic growth; The methodology of scientific research programms; (follow links to similar papers)
JEL-Codes: B4; O4; (follow links to similar papers)
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