Demand Bias as an Explanation for Structural Change
An income elastic demand for services is usually regarded as one of the major explanations for the observed pattern of structural change in the world economy. Recent empirical findings cast some doubt on this demand-bias hypothesis. This paper presents a simple model of structural change that allows an assessment of the implications of alternative demand elasticities. The results show that lagging productivity growth in the service sector and a homothetic or income inelastic demand for services do not suffice to explain the stylized facts. Copyright 1994 by WWZ and Helbing & Lichtenhahn Verlag AG
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Volume (Year): 47 (1994)
Issue (Month): 2 ()
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- Hammes, David L & Rosa, Jean-Jacques & Grubel, Herbert G, 1989. "The National Accounts, Household Service Consumption and Its Monetization," Kyklos, Wiley Blackwell, vol. 42(1), pages 3-15.
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- Wolff, Edward N., 1985. "Unbalanced Growth, Capital Accumulation and Productivity Growth," Working Papers 85-19, C.V. Starr Center for Applied Economics, New York University.
- Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-326, June.
- Schultz, T Paul, 1985. "Changing World Prices, Women's Wages, and the Fertility Transition: Sweden, 1860-1910," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1126-1154, December.
- Locay, Luis, 1990. "Economic Development and the Division of Production between Households and Markets," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 965-982, October.
- Bergstrand, Jeffrey H, 1991. "Structural Determinants of Real Exchange Rates and National Price Levels: Some Empirical Evidence," American Economic Review, American Economic Association, vol. 81(1), pages 325-334, March.
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