Increasing Returns and Economic Progress

Abstract

This chapter takes its title from Allyn Young’s 1928 Economic Journal article, and in so doing signifies a focus of attention directly back on to the issues that concerned Marshall in the Principles. Specifically, the perspective taken by Frank Knight, Joseph Schumpeter and Allyn Young on the controversies discussed in Chapters 5 and 6 is examined. Though largely antagonistic to Marshall’s approach, these writers from across the Atlantic raised issues that were in general much more closely related to ‘Marshall’s theory’ than did their British contemporaries in the course of the Economic Journal debates.