Kuznets-Kaldor-puzzle, neutral structural change and independent preferences and technologies
The Kuznets-Kaldor stylized facts are one of the most striking empirical regularities of the development process in industrialized countries: While massive factor reallocation across technologically distinct sectors takes place, the aggregate ratios of the economy are quite stable. This implies that cross-technology factor reallocation has a relatively weak impact on the aggregates, which is a puzzle from a theoretical point of view. We provide a model which can explain the Kuznets-Kaldor-puzzle by independent preferences and technologies. Furthermore, we show by empirical evidence that this explanation is in line with 55% of structural change in the USA between 1948 and 1987.
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| Date of creation: | 16 Jan 2009 |
| Date of revision: | 07 Mar 2012 |
| Handle: | RePEc:pra:mprapa:37162 |
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