Kuznets-Kaldor-puzzle, neutral structural change and independent preferences and technologies
AbstractThe Kuznets-Kaldor stylized facts are one of the most striking empirical regularities of the development process in industrialized countries: While massive factor reallocation across technologically distinct sectors takes place, the aggregate ratios of the economy are quite stable. This implies that cross-technology factor reallocation has a relatively weak impact on the aggregates, which is a puzzle from a theoretical point of view. We provide a model which can explain the Kuznets-Kaldor-puzzle by independent preferences and technologies. Furthermore, we show by empirical evidence that this explanation is in line with 55% of structural change in the USA between 1948 and 1987.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 37162.
Date of creation: 16 Jan 2009
Date of revision: 07 Mar 2012
Kaldor facts; Kuznets facts; structural change; factor reallocation; sectors; balanced growth; unbalanced growth;
Find related papers by JEL classification:
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
- D1 - Microeconomics - - Household Behavior
- O14 - Economic Development, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
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