Beyond Balanced Growth

Beyond Balanced Growth

Balanced growth models are commonly used in macroeconomics because they are consistent with the well-known Kaldor facts regarding economic growth. These models, however, are inconsistent with one of the most striking regularities of the growth process—the massive reallocation of labour from agricult...

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Veröffentlicht in:The Review of economic studies 2001-10, Vol.68 (4), p.869-882
Hauptverfasser: Kongsamut, Piyabha, Rebelo, Sergio, Xie, Danyang
Format: Artikel
Sprache:eng
Schlagworte:
Agricultural economics
Crop economics
Economic growth models
Economic growth rate
Economic modeling
Employment
Interest rates
Long run economic growth
Macroeconomics
Trajectories
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Beschreibung
Zusammenfassung:Balanced growth models are commonly used in macroeconomics because they are consistent with the well-known Kaldor facts regarding economic growth. These models, however, are inconsistent with one of the most striking regularities of the growth process—the massive reallocation of labour from agriculture into manufacturing and services. This paper presents a simple model consistent with both the Kaldor facts and the dynamics of sectoral labour reallocation.
ISSN:0034-6527
1467-937X
DOI:10.1111/1467-937X.00193