Sectoral Specialisation and Growth Rate DIfferences Among Integrated Economies
This paper analyses the sectoral specialisation mechanisms and their effects on growth rate differences providing an alternative approach to endogenous growth processes. The framework developed relies on a Kaldorian growth model with evolutionary micro-founded technical change. The paper develops a multi-sectoral growth model. Following the Kaldorian tradition economic growth is here driven by the aggregate demand dynamics, constrained by the balance of payment. Aggregate demand dynamics is function of foreign income dynamics and of the economies relative competitiveness, defined at the micro-level through technical change dynamics. Technical change modelling follows the evolutionary literature on growth and industrial dynamics. Firms production techniques are build on the accumulation of capital vintages. These are developed by firms through their R&D activity. The outcome of their R&D activity is stochastic. Firms and therefore economies are subject to selection mechanisms through sector-wide replicator dynamics. This framework is used to address the following issues: First, we investigate the conditions for sectoral specialisation to emerge from the dynamics generated by the model. These mechanisms are linked to the interaction between the uneven technical change among sectors and economies generated at the micro-level and the macro-framework. Second, the paper investigates the relationship between specialisation patterns and growth rate differences among economies
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|Date of creation:||11 Aug 2004|
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- Anthony Philip Thirlwall, 1979. "The Balance of Payments Constraint as an Explanation of International Growth Rate Differences," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 32(128), pages 45-53.
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LEM Papers Series
2003/05, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
- Patrick Llerena & André Lorentz, 2004. "Cumulative Causation and Evolutionary Micro-Founded Technical Change : A Growth Model with Integrated Economies," Working Papers of BETA 2004-08, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
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- Silverberg, Gerald & Verspagen, Bart, 1995. "An Evolutionary Model of Long Term Cyclical Variations of Catching Up and Falling Behind," Journal of Evolutionary Economics, Springer, vol. 5(3), pages 209-27, September.
- Dalum, Bent & Laursen, Keld & Verspagen, Bart, 1999. "Does Specialization Matter for Growth?," Industrial and Corporate Change, Oxford University Press, vol. 8(2), pages 267-88, June.
- G. Silverberg & B. Verspagen, 1995. "Evolutionary Theorizing on Economic Growth," Working Papers wp95078, International Institute for Applied Systems Analysis.
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