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The Fundamental Duality Theorem of Balanced Growth

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Author Info
Ian King
Don Ferguson

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Abstract

In this paper we demonstrate that a simple duality relation underlies balanced growth models with non-joint production. Included in this class of models is the standard neoclassical growth model and endogenous growth models that admit balanced growth paths. In all of these models, the optimal transformation frontier and the factor price frontier take precisely the same mathematical formulation. Studying these identical frontiers in the context of the different models provides new insights into the relative structures of these models, the role of savings, and the nature of dynamic efficiency in each.

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File URL: http://www.economics.unimelb.edu.au/SITE/research/workingpapers/wp07/1016.pdf
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Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 1016.

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Length: 45 pages
Date of creation: 2007
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Handle: RePEc:mlb:wpaper:1016

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Find related papers by JEL classification:
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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This page was last updated on 2009-11-12.

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