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A Theoretical Explanation of Some Stylized Facts of Economic Growth

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  • Arvind Panagariya

Abstract

This paper presents a three-good, two-country, general equilibrium model that is consistent with several stylized facts of economic growth. The three goods are manufactures, agriculture, and services. Manufactures are subject to economies of scale. The model predicts that services, a nontraded good, must be more expensive in the country with higher per capita income. It also shows that as per capita income increases, we should expect the productivity in commodities relative to services to rise. The model is able to generate many other stylized facts of economic growth.

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  • Arvind Panagariya, 1988. "A Theoretical Explanation of Some Stylized Facts of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 103(3), pages 509-526.
    • Handle: RePEc:oup:qjecon:v:103:y:1988:i:3:p:509-526.
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    File URL: http://hdl.handle.net/10.2307/1885542
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    Cited by:

    1. Joseph Francois & Bernard Hoekman, 2010. "Services Trade and Policy," Journal of Economic Literature, American Economic Association, vol. 48(3), pages 642-692, September.
    2. Bernard Hoekman & Guy Karsenty, 1992. "Economic Development and International Transactions in Services," Development Policy Review, Overseas Development Institute, vol. 10(3), pages 211-236, September.
    3. Matsuyama, Kiminori, 1996. "Why Are There Rich and Poor Countries? Symmetry-Breaking in the World Economy," Journal of the Japanese and International Economies, Elsevier, vol. 10(4), pages 419-439, December.
    4. Abdulloev Ilhom & Epstein Gil S. & Gang Ira N., 2020. "Migration and Forsaken Schooling in Kyrgyzstan, Tajikistan, and Uzbekistan," IZA Journal of Development and Migration, Sciendo & Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 11(1), pages 1-27, January.
    5. Rajeev Dehejia & Arvind Panagariya, 2016. "The Link between Manufacturing Growth and Accelerated Services Growth in India," Economic Development and Cultural Change, University of Chicago Press, vol. 64(2), pages 221-264.
    6. Ephraim Kleiman, 1997. "National Price Levels: Do Taxes Matter?," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 4(3), pages 361-377, July.
    7. James H. Anderson, 2002. "The Distribution Sector and the Development Process: are there Patterns? Yes," Economic Inquiry, Western Economic Association International, vol. 40(2), pages 166-176, April.
    8. Abdulloev, Ilhom & Epstein, Gil S. & Gang, Ira N., 2019. "Schooling Forsaken: Education and Migration," IZA Discussion Papers 12088, Institute of Labor Economics (IZA).
    9. Joseph Francois & Julia Woerz, 2008. "Producer Services, Manufacturing Linkages, and Trade," Journal of Industry, Competition and Trade, Springer, vol. 8(3), pages 199-229, December.
    10. Rashmi Banga, 2005. "Role of Services in the Growth Process: A Survey," Indian Council for Research on International Economic Relations, New Delhi Working Papers 159, Indian Council for Research on International Economic Relations, New Delhi, India.

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