Dual Economy Models: Retrospect and Prospect
This paper surveys recent work on dual economy models starting from the famous Dale W. Jorgenson paper (1961) and ending with some of the new contributions to the literature on N orth-South trade, which have the same analytical structure as the dua l economy model. Various models are compared with respect to assumpti ons about asymmetries, speeds of adjustment, and factor immobilities. Two important conclusions are noted: dynamic behavior is often quite sensitive to the ranking of adjustment speeds and the direction of f urther research should be toward further disaggregation. Copyright 1988 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research
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Volume (Year): 40 (1988)
Issue (Month): 2 (April)
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