Heterogeneous Consumption Goods, Sectoral Change, and Economic Growth
AbstractThis paper sets up a simple AK-type growth model with heterogeneous consumption goods. It is shown that the (overall) intertemporal elasticity of substitution, the saving rate, and the growth rate of income unambiguously increase in the course of economic development. Moreover, the model offers an intuitive explanation of sectoral change. It is demonstrated that there are a number of implications which are in line with the empirical evidence on economic growth and sectoral change.
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Bibliographic InfoArticle provided by De Gruyter in its journal Studies in Nonlinear Dynamics & Econometrics.
Volume (Year): 10 (2006)
Issue (Month): 1 (March)
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Web page: http://www.degruyter.com
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- Alonso-Carrera, Jaime & Raurich, Xavier, 2010. "Growth, sectoral composition, and the evolution of income levels," Journal of Economic Dynamics and Control, Elsevier, vol. 34(12), pages 2440-2460, December.
- Stijepic, Denis & Wagner, Helmut, 2008. "Impacts of Intermediate Trade on Structural Change," MPRA Paper 40841, University Library of Munich, Germany, revised 23 Aug 2012.
- Jaime Alonso-Carrera & Xavier Raurich, 2007.
"Growth, Sectoral Composition, And The Wealth Of Nations,"
CAMA Working Papers
2007-15, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Jaime Alonso-Carrera & Xavier Raurich, 2006. "Growth, Sectoral Composition, and the Wealth of Nations," DEGIT Conference Papers c011_019, DEGIT, Dynamics, Economic Growth, and International Trade.
- Jaime Alonso-Carrera & Xavier Raurich, 2006. "Growth, Sectoral Composition, and the Wealth of Nations," Working Papers 278, Barcelona Graduate School of Economics.
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