Income Distribution, Poverty Trap and Economic Growth
AbstractThe post-war growth experiences of developing countries lead to the idea that income equality may accelerate economic growth. In this paper, a theoretical model showed the possibility that equality makes a country human-capital abundant, which enables industrialization and higher economic growth. On the other hand, in unequal developing countries where majority of people manage to survive at minimum consumption level, human capital investment such as schooling cannot be done. Such countries become unskilled labor abundant and suffer further from low economic growth. In addition, the two-good framework showed the possibility that protecting infant industry with dynamic externality enhances economic growth.
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Bibliographic InfoPaper provided by Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University in its series Discussion Paper with number 106.
Length: 31 p.
Date of creation: Aug 2002
Date of revision:
income distribution; economic growth; human capital; comparative advantage; learning-by-doing;
Find related papers by JEL classification:
- O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
- F11 - International Economics - - Trade - - - Neoclassical Models of Trade
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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