The Long-Run Implications of Growth Theories

This paper draws attention to some possible misunderstandings concerning the place of long-run outcomes in growth theory. It argues that the traditional emphasis on these outcomes is often misguided. As a result of this emphasis, too much attention is paid to the role of knife-edge assumptions, and researchers may be led to interpretations of the evidence, or models of the growth process, that are not wholly sensible. Copyright Blackwell Publishing Ltd, 2003.