The intellectual roots of the CRBP model
DOI:
https://doi.org/10.29201/peipn.v6i12.296Keywords:
foreign trade multiplier, cumulative causation, economic growth, increasing returns, technical progress, balance paymentsAbstract
Thirlwall's model, known as the CRBP model, has made several contributions to the explanation of economic growth issues. Some of these contributions have referred to profound roots that support the model. Our research explores these principles, firstly in finding the Harrod foreign trade multiplier the antecedent of the 1979 CRBP model; secondly in finding that Smith's approach to the relationship between specialization and market extension, together with Young's concepts of increasing returns and technological progress, make up an image of cumulative causation, within which CRBP's model is found; thirdly in finding that this approach has been successfully contrasted by Myrdal and fourthly that the most thorough approach is that of Kaldor who introduces Keynes's Principle of effective demand and Verdoorn's law.
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