Structural Change and Generalized Balanced Growth
AbstractThis paper addresses the criticism that balanced growth models are inconsistent with the dynamics of structural change typical for the process of economic growth. Using a sectoral disaggregated version of a research--driven growth model, we develop the concept of a generalized balanced growth path (GBGP). The GBGP preserves decisive properties of the balanced growth path analyzed in aggregated growth models. Along a GBGP, aggregate variables grow at constant rates (balanced growth) while disaggregated variables grow at non--constant rates. The aggregated model's implications for the behavior of aggregates are robust with respect to structural dynamics.
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Bibliographic InfoPaper provided by Econometric Society in its series Econometric Society World Congress 2000 Contributed Papers with number 0233.
Date of creation: 01 Aug 2000
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- O14 - Economic Development, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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