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Structural change and Investment allocation in a Pasinettian approach

Author

Listed:
  • Ricardo Azevedo Araújo
  • Joanílio Rodolpho Teixeira
  • Jorge Thompson Araujo

Abstract

ln this article Feldman’s model of investment allocation (1928) is disaggregatedto study the implications of introducing the structural change process in it. It means that theanalysis proposed here is carried out in a multi-sectoral framework, where both productivityand demand are changing at a distinct rate in each sector. Feldman’s model is then shown tobe a particular case of Pasinetti (1981, 1993) and an equilibrium path is established. Finally,we analyze the possibility of maintaining equilibrium over time and normative conclusionsare obtained. JEL Classification: E12; E22; O11; O41.

Suggested Citation

  • Ricardo Azevedo Araújo & Joanílio Rodolpho Teixeira & Jorge Thompson Araujo, 1999. "Structural change and Investment allocation in a Pasinettian approach," Brazilian Journal of Political Economy, Center of Political Economy, vol. 19(3), pages 536-549.
    • Handle: RePEc:ekm:repojs:v:19:y:1999:i:3:p:536-549:id:1069
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    More about this item

    Keywords

    Structural change; Feldman-Mahalanobis model; Pasinettian model; economic development; multi-sector models;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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