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 economics development. This paper discusses models with generalized balanced growth paths.
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Paper provided by University of Rochester - Center for Economic Research (RCER) in its series RCER Working Papers with number
438.
Length: 42 pages Date of creation: 1997 Date of revision: Handle: RePEc:roc:rocher:438
Contact details of provider: Postal: UNIVERSITY OF ROCHESTER, CENTER FOR ECONOMIC RESEARCH, DEPARTMENT OF ECONOMICS, HARKNESS 231 ROCHESTER NEW YORK 14627 U.S.A.
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Piyabha Kongsamut & Sergio Rebelo & Danyang Xie, 1997.
"Beyond Balanced Growth,"
NBER Working Papers
6159, National Bureau of Economic Research, Inc.
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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
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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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