| Tekijä: | Gundlach, E. |
| Otsikko: | Demand bias as an explanation for structural change |
| Lehti: | Kyklos
1994 : VOL. 47:2, p. 249-267 |
| Asiasana: | DEMAND BIAS STRUCTURAL CHANGE |
| Kieli: | eng |
| Tiivistelmä: | Conventional wisdom has it that the aggregate demand for services is income elastic: With rising incomes, expenditures for services are expected to increase more than proportionally. This paper looks at the consequences of an income inelastic or homothetic services demand for an explanation of structural change, i.e., whether these preferences give rise to a theoretically consistent set of parameter values which is compatible with a reproduction of stylized facts. The main arguments are summarized in a diagrammatic way. |
SCIMA