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From stability to growth in neoclassical multisector models

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  • Mario, Pomini

Abstract

Analysis of the multisector models was an important strand of inquiry within neoclassic growth theory from the early 1960s and at the end of the decade the multisector approach constituted one of the most promising areas of inquiry within growth theory as a whole. Studies in this area dwindled away at the end of the 1970s but the situation abruptly changed with the advent of endogenous growth theory in the second half of the 1980s which with Lucas (1988) and Romer (1990) was from the outset framed in a multisectorial perspective. The multisector approach was resumed in the literature on endogenous growth, but with features different from those that had previously characterized it. The aim of this paper is to analyze the evolution of some particular aspects of the neoclassical multisector approach from the first studies of the 1960s until current theorization.

Suggested Citation

  • Mario, Pomini, 2009. "From stability to growth in neoclassical multisector models," MPRA Paper 18995, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:18995
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    File URL: https://mpra.ub.uni-muenchen.de/19533/2/MPRA_paper_19533.pdf
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    References listed on IDEAS

    as
    1. Jones, Larry E. & Manuelli, Rodolfo E., 1997. "The sources of growth," Journal of Economic Dynamics and Control, Elsevier, vol. 21(1), pages 75-114, January.
    2. Cass, David & Shell, Karl, 1976. "The structure and stability of competitive dynamical systems," Journal of Economic Theory, Elsevier, vol. 12(1), pages 31-70, February.
    3. Robert M. Solow, 1994. "Perspectives on Growth Theory," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 45-54, Winter.
    4. Burmeister,Edwin, 1980. "Capital Theory and Dynamics," Cambridge Books, Cambridge University Press, number 9780521297035, March.
    5. Medio,Alfredo & Lines,Marji, 2001. "Nonlinear Dynamics," Cambridge Books, Cambridge University Press, number 9780521558747, March.
    6. William A. Brock & Jose Scheinkman, 1975. "The Global Asymptotic Stability of Optimal Control with Applications to Dynamic Economic Theory," Discussion Papers 151, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    7. Karl Shell & Joseph E. Stiglitz, 1967. "The Allocation of Investment in a Dynamic Economy," The Quarterly Journal of Economics, Oxford University Press, vol. 81(4), pages 592-609.
    8. Medio,Alfredo & Lines,Marji, 2001. "Nonlinear Dynamics," Cambridge Books, Cambridge University Press, number 9780521551861, March.
    9. Cass, David & Shell, Karl, 1976. "Introduction to Hamiltonian dynamics in economics," Journal of Economic Theory, Elsevier, vol. 12(1), pages 1-10, February.
    10. Ronald Britto, 1973. "Some Recent Developments in the Theory of Economic Growth," UCLA Economics Working Papers 038, UCLA Department of Economics.
    11. Solow, Robert M., 1999. "Neoclassical growth theory," Handbook of Macroeconomics,in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 9, pages 637-667 Elsevier.
    12. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    More about this item

    Keywords

    multisector economic growth; neoclassical growth models;

    JEL classification:

    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)

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