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 labor from agriculture into manufacturing and services. This paper presents a simple model consistent with both the Kaldor facts and the dynamics of sectoral labor reallocation. The model shows that balanced growth can be consistent with structural change.
Publication date: June 2001
ISBN: 9781451850758
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Development - Economic Development , Development - Economic Development , growth , structural change , Kaldor facts , real interest rate , economic growth , growth rate , growth rates , labor income , One , Two , and Multisector Growth Models

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