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Cumulative Causation in a Structural Economic Dynamic Approach to Economic Growth and Uneven Development

  • Araujo, Ricardo

The Structural Economic Dynamic approach is distinguished by its simultaneous approach to demand and supply sides of economic growth. However, the idea that growth itself can transform an economy, which became known in the literature as cumulative causation, cannot be properly studied by this framework because technological progress is treated in the same manner as in the traditional Neoclassical model, that is, it is exogenous. Besides, it is the only source of economy growth with no role played by demand in the pace of economic growth but only in the sectoral composition of the economy. Here we introduce Verdoon’s Law in the Pasinetti’s model of structural change thus making it able to study cumulative causation and thus rendering structural changes endogenous in this model.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 29960.

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Date of creation: 29 Mar 2011
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Handle: RePEc:pra:mprapa:29960
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  1. Ricardo Azevedo Araujo & Gilberto Tadeu Lima, 2007. "A structural economic dynamics approach to balance-of-payments-constrained growth," Cambridge Journal of Economics, Oxford University Press, vol. 31(5), pages 755-774, September.
  2. Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542.
  3. Anthony P. Thirlwall, 2011. "The Balance of Payments Constraint as an Explanation of International Growth Rate Differences," PSL Quarterly Review, Economia civile, vol. 64(259), pages 429-438.
  4. Setterfield, Mark, 1997. "'History versus Equilibrium' and the Theory of Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 21(3), pages 365-78, May.
  5. A. P. Thirlwall, 1983. "A Plain Man's Guide to Kaldor's Growth Laws," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 5(3), pages 345-358, April.
  6. Ricardo Azevedo Araujo & JoanÌlio Rodolpho Teixeira, 2003. "An Extension of the Structural Change Model to International Economic Relations," Metroeconomica, Wiley Blackwell, vol. 54(4), pages 458-473, November.
  7. Araujo, Ricardo Azevedo & Teixeira, Joanílio Rodolpho, 2003. "An Extension of the Structural Change Model to International Economic Relations," MPRA Paper 53291, University Library of Munich, Germany.
  8. Boyer, Robert & Petit, Pascal, 1989. "Kaldor's growth theories : past, present and prospects," CEPREMAP Working Papers (Couverture Orange) 8905, CEPREMAP.
  9. Araujo, Ricardo Azevedo & Teixeira, Joanílio Rodolpho, 2010. "Investment Specific Technological Progress and Structural Change," MPRA Paper 46079, University Library of Munich, Germany.
  10. Mark Setterfield, 2010. "Endogenous Growth: A Kaldorian Approach," Working Papers 1001, Trinity College, Department of Economics.
  11. Araujo, Ricardo Azevedo & Teixeira, Joanilio Rodolpho, 2010. "Structural Change and Macrodynamic Capabilities," MPRA Paper 30381, University Library of Munich, Germany.
  12. Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-55, December.
  13. Cornwall, John & Cornwall, Wendy, 2002. "A demand and supply analysis of productivity growth," Structural Change and Economic Dynamics, Elsevier, vol. 13(2), pages 203-229, June.
  14. José A. Alonso & Carlos Garcimartín, 1999. "A New Approach to Balance-of-Payments Constraint: Some Empirical Evidence," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 21(2), pages 259-282, January.
  15. A. P. Thirlwall, 1997. "Reflections on the Concept of Balance-of-Payments-Constrained Growth," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 19(3), pages 377-385, April.
  16. Ricardo Azevedo, Araujo & Joanilio Rodolpho, Teixeira, 2010. "Investment Specific Technological Progress and Structural Change," MPRA Paper 53672, University Library of Munich, Germany.
  17. Reati, Angelo, 1998. "Technological revolutions in Pasinetti's model of structural change: productivity and prices," Structural Change and Economic Dynamics, Elsevier, vol. 9(2), pages 245-262, June.
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