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| Author: | Kongsamut, P. Rebelo, S. Xie, D. |
| Title: | Beyond balanced growth |
| Journal: | Review of Economic Studies
2001 : OCT, VOL. 68:4(237), s. 869-882 |
| Index terms: | ALLOCATION ECONOMIC GROWTH LABOUR |
| Freeterms: | KALDOR FACTS |
| Language: | eng |
| Abstract: | 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. |
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