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Nonbalanced Growth in a Neoclassical Two-Sector Optimal Growth Model

In: Sunspots and Non-Linear Dynamics

Author

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  • Harutaka Takahashi

    (Meiji Gakuin University)

Abstract

For a neoclassical two-sector optimal growth model with Cobb-Douglas technologies and sector specific technical progress, we examine three properties: (i) each sector has an optimal path by which it will grow at a constant growth rate (an optimal constant growth path); (ii) the optimal constant growth paths satisfy saddle path stability; (iii) the elasticity of substitution between total labor and total capital is less than one along the optimal constant growth paths. These results, presented by Acemoglu and Guerrieri in their model with two intermediate good sectors and one final good sector, will give a firm theoretical base for establishing the Kaldor and Kuznets facts, and are proven herein for a neoclassical growth model.

Suggested Citation

  • Harutaka Takahashi, 2017. "Nonbalanced Growth in a Neoclassical Two-Sector Optimal Growth Model," Studies in Economic Theory, in: Kazuo Nishimura & Alain Venditti & Nicholas C. Yannelis (ed.), Sunspots and Non-Linear Dynamics, chapter 0, pages 339-359, Springer.
    • Handle: RePEc:spr:steccp:978-3-319-44076-7_14
    DOI: 10.1007/978-3-319-44076-7_14
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    Cited by:

    1. Takahashi, Harutaka & Le Riche, Antoine, 2021. "A dynamic theory of the declining aggregated labor income share: Intangible capital vs. tangible capital," Research in Economics, Elsevier, vol. 75(1), pages 104-118.

    More about this item

    Keywords

    O14; O21; O24; O41;
    All these keywords.

    JEL classification:

    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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