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This paper presents a critical analysis of the naive neoclassical theory of capital by applying it to Turkish economic history. The paper first develops a unified framework of theoretical predictions on growth, distribution, and dynamic inefficiency. This framework clarifies why the naive neoclassical theory remains largely misleading in understanding the historical, macro dynamics of a growing, capitalist economy. Using this framework and long-run macroeconomic data for the 1923–2005 period, the paper establishes a new set of empirical findings that contribute to the related literature on Turkey. The paper then discusses the limitations of the naive neoclassical theory by building on these empirical results and some lessons from Turkish economic history. This discussion summarizes some empirical findings on the distributional causes and consequences of growth in Turkey, by focusing mainly on the role of heterodox theories of growth and distribution. |
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