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Persistence of Dualism in a Closed Economy

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  • Shubhashis Gangopadhyay

Abstract

The paper builds a two‐sector general‐equilibrium model, with one homogeneous and one differentiated good. The differentiated good has increasing returns to scale. Preferences are nonhomothetic with a hierarchy of wants. Income distribution is determined by the ownership of inputs and endogenous factor prices. The equilibrium properties are derived. Capital accumulation without any change in ownership pattern generates enclaves of prosperity, leaving large sections of the economy unaffected. The comparative static results are interpreted in the light of the experiences of closed, developing economies, like India.

Suggested Citation

  • Shubhashis Gangopadhyay, 1998. "Persistence of Dualism in a Closed Economy," Review of Development Economics, Wiley Blackwell, vol. 2(1), pages 11-30, February.
    • Handle: RePEc:bla:rdevec:v:2:y:1998:i:1:p:11-30
    DOI: 10.1111/1467-9361.00025
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    Cited by:

    1. Saracoglu, Durdane Sirin, 2003. "On The Size And The Evolution Of The Informal Sector In Developing Countries: The Case Of Turkey," 2003 Annual meeting, July 27-30, Montreal, Canada 22211, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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