A Theoretical Explanation of Some Stylized Facts of Economic Growth
This paper presents a three-good, two-country, general equilibrium model that is consistent with several styl ized facts of economic growth. The three goods are manufactures, agri culture, 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, one should expect the productivity in commodities relative to services to rise. The model is able to generate many other stylized facts of economic growth. Copyright 1988, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.
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Volume (Year): 103 (1988)
Issue (Month): 3 (August)
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