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Beyond Balanced Growth. Economic Development; Industrialization


Piyabha P. Kongsamut


University of Rochester - Department of Economics

Sergio T. Rebelo


Northwestern University - Kellogg School of Management; Centre for Economic Policy Research (CEPR); University of Rochester - Department of Economics; National Bureau of Economic Research (NBER)

Danyang Xie


Hong Kong University of Science & Technology (HKUST) - Department of Economics
1997

A1.15 WP 1693

Abstract:     
One of the most striking regularities of the growth process is the massive reallocation of labor from agriculture into industry and services. Balanced growth models are commonly used in macroeconomics because they are consistent with the well-known Kaldor facts about economic growth. These models are, however, inconsistent with the structural change dynamics that are a central feature of economic development. This paper discusses models with generalized balanced growth paths. These paths retain some of the key features of balanced growth but are consistent with the observed labor reallocations dynamics.

JEL Classification: O14, O41

working papers series


Date posted: March 16, 1998  

Suggested Citation

Kongsamut, Piyabha P., Rebelo, Sergio T. and Xie, Danyang, Beyond Balanced Growth. Economic Development; Industrialization (1997). A1.15 WP 1693. Available at SSRN: http://ssrn.com/abstract=60144

Contact Information

Piyabha P. Kongsamut
University of Rochester - Department of Economics ( email )
Harkness Hall
Rochester, NY 14627-0158
United States
301-770-3789 (Phone)
Sergio Tavares Rebelo (Contact Author)
Northwestern University - Kellogg School of Management ( email )
2001 Sheridan Road
Leverone Hall
Evanston, IL 60208
United States
847-467-2329 (Phone)
847-491-5719 (Fax)
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
University of Rochester - Department of Economics ( email )
Harkness Hall
Rochester, NY 14627
United States
585-275-5252 (Phone)
585-256-2309 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Danyang Xie
Hong Kong University of Science & Technology (HKUST) - Department of Economics ( email )
Clear Water Bay
Kowloon, Hong Kong
China
852-2358-7615 (Phone)
852-2358-2084 (Fax)
Feedback to SSRN (Beta)


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