One of the most striking regularities of the growth process is the massive reallocation of labor from agriculture into industry and services. Balanced growth models are commonly used in macroeconomics because they are consistent with the well-known Kaldor facts about economic growth. These models are, however, inconsistent with the structural change dynamics that are a central feature of economic development. This paper discusses models with generalized balanced growth paths. These paths retain some of the key features of balanced growth but are consistent with the observed labor reallocations dynamics.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
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Length: Date of creation: Sep 1997 Date of revision: Publication status: published as Kongsamut, Piyabha, Sergio Rebelo and Danyang Xie. "Beyond Balanced Growth," Review of Economic Studies, 2001, v68(237,Oct), 869-882. Handle: RePEc:nbr:nberwo:6159
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Find related papers by JEL classification: 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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George Evans & Seppo Honkapohja & Paul Romer, 1996.
"Growth Cycles,"
NBER Working Papers
5659, National Bureau of Economic Research, Inc.
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Paul Romer & George Evans & Seppo Hokapohja, .
"Growth Cycles,"
Home Pages
_001, Stanford University.
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Evans, Geroge W & Honkapohja, Seppo & Romer, Paul, 1998.
"Growth Cycles,"
American Economic Review,
American Economic Association, vol. 88(3), pages 495-515, June.
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