Journal Article

Beyond Balanced Growth

Piyabha Kongsamut, Sergio Rebelo and Danyang Xie

in The Review of Economic Studies

Published on behalf of Review of Economic Studies Ltd

Volume 68, issue 4, pages 869-882
Published in print October 2001 | ISSN: 0034-6527
Published online October 2001 | e-ISSN: 1467-937X | DOI: http://dx.doi.org/10.1111/1467-937X.00193
Beyond Balanced Growth

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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.

Journal Article.  0 words. 

Subjects: Economics

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