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The Fundamental Duality Theorem of Balanced Growth

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  • Ian King
  • Don Ferguson

Abstract

In this paper we demonstrate that a simple duality relation underlies balanced growth models with non-joint production. Included in this class of models is the standard neoclassical growth model and endogenous growth models that admit balanced growth paths. In all of these models, the optimal transformation frontier and the factor price frontier take precisely the same mathematical formulation. Studying these identical frontiers in the context of the different models provides new insights into the relative structures of these models, the role of savings, and the nature of dynamic efficiency in each.

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File URL: http://www.economics.unimelb.edu.au/downloads/wpapers-07/1016.pdf
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Bibliographic Info

Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 1016.

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Length: 45 pages
Date of creation: 2007
Date of revision:
Handle: RePEc:mlb:wpaper:1016

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