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A Rostovian Model of Endogenous Growth and Underdevelopment Traps

The paper presents a model which combines self-sustained growth and 'underdevelopment traps' into a common analytical framework. The objective is to given an analytical interpretations to Rostow's observation that there is a 'decisive interval in the history of a society when growth becomes its normal condition' and to the empirical evidence that some countries seem not to have achieved this stage yet. The model exhibits aggregate non-convexities and thresholds which separate a region where growth is 'Solow-type', with convergence to a stationary steady-state from region where growth is 'Romer-type' , with endogenous self-sustained growth. In some critical stages of development multiple equilibrium trajectory may exist, consistent with alternative sets of self-fulfilling beliefs.

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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0166.

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Date of creation: Aug 1993
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Handle: RePEc:cep:cepdps:dp0166
Contact details of provider: Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP

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  1. Paul Krugman, 1991. "History versus Expectations," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 651-667.
  2. Murphy, Kevin M & Shleifer, Andrei & Vishny, Robert W, 1989. "Industrialization and the Big Push," Journal of Political Economy, University of Chicago Press, vol. 97(5), pages 1003-26, October.
  3. Russell Cooper & Andrew John, 1988. "Coordinating Coordination Failures in Keynesian Models," The Quarterly Journal of Economics, Oxford University Press, vol. 103(3), pages 441-463.
  4. Saint-Paul, Gilles, 1992. "Technological choice, financial markets and economic development," European Economic Review, Elsevier, vol. 36(4), pages 763-781, May.
  5. Aghion, P. & Howitt, P., 1989. "A Model Of Growth Through Creative Destruction," UWO Department of Economics Working Papers 8904, University of Western Ontario, Department of Economics.
  6. Kiminori Matsuyama, 1990. "Increasing Returns, Industrialization and Indeterminacy of Equilibrium," Discussion Papers 878, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  7. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  8. Rostow,W. W., 1991. "The Stages of Economic Growth," Cambridge Books, Cambridge University Press, number 9780521400701, Junio.
  9. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  10. Jess Benhabib & Roger E.A. Farmer, 1992. "Indeterminacy and Increasing Returns," UCLA Economics Working Papers 646, UCLA Department of Economics.
  11. Robert E Lucas, 1999. "Making a Miracle," Levine's Working Paper Archive 2101, David K. Levine.
  12. Zilibotti, Fabrizio, 1994. "Endogenous Growth and Intermediation in an 'Archipelago' Economy," Economic Journal, Royal Economic Society, vol. 104(423), pages 462-73, March.
  13. Costas Azariadis & Allan Drazen, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, Oxford University Press, vol. 105(2), pages 501-526.
  14. Jones, Larry E & Manuelli, Rodolfo E, 1990. "A Convex Model of Equilibrium Growth: Theory and Policy Implications," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 1008-38, October.
  15. Gary S. Becker & Kevin M. Murphy & Robert Tamura, 1994. "Human Capital, Fertility, and Economic Growth," NBER Chapters, in: Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education (3rd Edition), pages 323-350 National Bureau of Economic Research, Inc.
  16. Rostow,W. W., 1991. "The Stages of Economic Growth," Cambridge Books, Cambridge University Press, number 9780521409285, Junio.
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