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Factor Accumulation And Growth Miracles In A Two-Sector Neoclassical Growth Model

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Author Info
JOHN S. LANDON-LANE
PETER E. ROBERTSON

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Abstract

Countries that experience 'growth miracles' often exhibit rising investment rates and large intersectoral resource transfers. But how important are these factors to this process? We consider this question using a two-sector growth model with a segmented labour market. Numerical simulations show that a doubling of the investment rate can generate a significant intersectoral re-allocation of labour and can have a large impact on aggregate output per worker. Under our baseline parameter values, the effect of the investment rate on per capita incomes is amplified by 25-50 per cent, relative to a standard one-sector growth model. Copyright © 2009 The Authors. Journal compilation © 2009 Blackwell Publishing Ltd and The University of Manchester.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-9957.2008.02092.x
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Publisher Info
Article provided by University of Manchester in its journal The Manchester School.

Volume (Year): 77 (2009)
Issue (Month): 2 (03)
Pages: 153-170
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Handle: RePEc:bla:manchs:v:77:y:2009:i:2:p:153-170

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This page was last updated on 2009-11-22.

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