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Revisiting the Apparent Paradox: Foreign Capital Inflow, Welfare Amelioration and ‘Jobless Growth’ with Agricultural Dualism and Non-traded Intermediate Input

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  • Mukherjee, Soumyatanu

Abstract

In order to answer the pertinent question why developing countries are showing penchant for foreign capital over the last two decades in spite of its detrimental effects as revealed from the conventional two-sector mobile capital version of Harris–Todaro (HT) model in the presence of protectionist policy; this paper, in terms of a three-sector HT type general equilibrium model with agricultural dualism where advanced agricultural sector produces a non-traded intermediate input using capital apart from labour and land for the agro-based industry in the urban sector, tries to show that foreign capital inflow may not only improve social welfare, but also lower the magnitude of urban unemployment of labour or may render the phenomenon of ‘jobless growth’.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 33410.

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Date of creation: 15 Sep 2011
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Handle: RePEc:pra:mprapa:33410

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Keywords: Foreign capital; Agricultural dualism; Non-traded intermediate input; Welfare; Urban unemployment; Jobless growth; Stolper-Samuelson theorem; General equilibrium model;

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  1. Brecher, Richard A. & Diaz Alejandro, Carlos F., 1977. "Tariffs, foreign capital and immiserizing growth," Journal of International Economics, Elsevier, Elsevier, vol. 7(4), pages 317-322, November.
  2. Chandra, Vandana & Khan, M Ali, 1993. "Foreign Investment in the Presence of an Informal Sector," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 60(237), pages 79-103, February.
  3. Beladi, Hamid & Marjit, Sugata, 1992. "Foreign capital, unemployment and national welfare," Japan and the World Economy, Elsevier, Elsevier, vol. 4(4), pages 311-317, December.
  4. Sarbajit Chaudhuri, 2003. "How and how far to liberalize a developing economy with informal sector and factor market distortions," The Journal of International Trade & Economic Development, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(4), pages 403-428.
  5. Chaudhuri, Sarbajit, 2007. "Foreign capital, welfare and urban unemployment in the presence of agricultural dualism," Japan and the World Economy, Elsevier, Elsevier, vol. 19(2), pages 149-165, March.
  6. Hamid Beladi & Sugata Marjit, 1992. "Foreign Capital and Protectionism," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 25(1), pages 233-38, February.
  7. Khan, M. Ali, 1982. "Tariffs, foreign capital and immiserizing growth with urban unemployment and specific factors of production," Journal of Development Economics, Elsevier, Elsevier, vol. 10(2), pages 245-256, April.
  8. Marjit, Sugata, 1991. "Agro-based industry and rural-urban migration : A case for an urban employment subsidy," Journal of Development Economics, Elsevier, Elsevier, vol. 35(2), pages 393-398, April.
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Cited by:
  1. Soumyatana Mukherjee, 2013. "Liberalization and "Jobless Growth" in a Developing Economy: some Extended Results," Discussion Papers 2013-07, University of Nottingham, GEP.
  2. Mukherjee, Soumyatanu & Zafar, Sameen, 2014. "Technological progress with segmented factor markets and welfare implications for the urban poor," MPRA Paper 55297, University Library of Munich, Germany.
  3. Mukherjee, Soumyatanu, 2013. "Sector-specific foreign direct investment, factor market distortions and non-immiserising growth," MPRA Paper 52214, University Library of Munich, Germany.

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