Allyn Young revisited

Abstract

Allyn Young was, and continues to be, a much misunderstood economist. He was a profound thinker and so much ahead of his times that it is doubtful that even today we have grasped the full import of what he said. This paper examines Young's thinking from the perspective of five different schools and brings out a clearer picture of Young. Young's analysis of endogenous growth retains its relevance for the contemporary problems facing developing countries today. Also, seen from the Youngian perspective scarcity becomes an opportunity. This has the potential to transform the discipline of economics itself – from the economics of scarcity to the economics of opportunity.