A General Model of Growth and Development on Kaldorian Lines
This paper develops a "longitudinal" model of economic development, which formally models the complementarity between "agricultural" growth and ind ustrial growth in the early stages of development in aclosed economy, and stres ses the importance of export growth in the later stages in the open economy as t he main source of autonomous demand for industrial output. The importance of an equilibrium terms of trade between industry and agriculture in the closed econom y model is clearly brought out, as well as the consequences of disequi-librium. Copyright 1986 by Royal Economic Society.
Volume (Year): 38 (1986)
Issue (Month): 2 (July)
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