IDEAS home Printed from https://ideas.repec.org/a/bla/econom/v61y1994i242p237-51.html
   My bibliography  Save this article

Growth Theory and Economic Structure

Author

Listed:
  • Cornwall, John
  • Cornwall, Wendy

Abstract

New growth theory endogenizes growth but neglects aggregate demand and distributional shifts in output and employment. A model incorporating demand and structural change is introduced to assess the effects of greater integration of the EC. The analysis shows that the new growth model overstates the long-run implications of integration and that identical effects on productivity growth can be achieved by reducing unemployment. It is argued that the benefits of lower unemployment are more certain of achievement than those expected from reduced barriers to trade and resource movement, and that stronger demand is a prerequisite for realization of the latter. Copyright 1994 by The London School of Economics and Political Science.

Suggested Citation

  • Cornwall, John & Cornwall, Wendy, 1994. "Growth Theory and Economic Structure," Economica, London School of Economics and Political Science, vol. 61(242), pages 237-251, May.
    • Handle: RePEc:bla:econom:v:61:y:1994:i:242:p:237-51
    as

    Download full text from publisher

    File URL: http://links.jstor.org/sici?sici=0013-0427%28199405%292%3A61%3A242%3C237%3AGTAES%3E2.0.CO%3B2-A&origin=repec
    File Function: full text
    Download Restriction: Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Yimin Chen & Yulin Liu & Xin Fang, 2021. "The new evidence of China’s economic downturn: From structural bonus to structural imbalance," PLOS ONE, Public Library of Science, vol. 16(9), pages 1-25, September.
    2. 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.
    3. Stephan, J., 2000. "EU-Integration and Development Prospects of CEECs. The Productivity-Gap and Technological Structural Change," Papers 112, American Cairo - Economics and Political Sciences.
    4. Mark Setterfield, 2003. "Supply and Demand in the Theory of Long-run Growth: Introduction to a symposium on demand-led growth," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 23-32.
    5. Lains, Pedro, 2003. "Catching up to the European core: Portuguese economic growth, 1910-1990," Explorations in Economic History, Elsevier, vol. 40(4), pages 369-386, October.
    6. Johannes Stephan, 2004. "The Productivity Gap between East and West Europe: What Role for Sectoral Structures during Integration?," Development and Comp Systems 0403004, University Library of Munich, Germany.
    7. Ben Fine, 1998. "Endogenous Growth Theory: A Critical Assessment," Working Papers 80, Department of Economics, SOAS University of London, UK.
    8. Arabi, Behrouz & Munisamy, Susila & Emrouznejad, Ali & Toloo, Mehdi & Ghazizadeh, Mohammad Sadegh, 2016. "Eco-efficiency considering the issue of heterogeneity among power plants," Energy, Elsevier, vol. 111(C), pages 722-735.
    9. Lopez Julio, 2002. "Modernization, Heterogeneity and Employment in Mexico," International Review of Applied Economics, Taylor & Francis Journals, vol. 16(2), pages 227-242.
    10. Peter Tyler & Emil Evenhuis & Ron Martin & Peter Sunley & Ben Gardiner, 2017. "Growing apart? Structural transformation and the uneven development of British cities," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 10(3), pages 425-454.
    11. Steven M Fazzari & Piero Ferri & Anna Maria Variato, 2020. "Demand-led growth and accommodating supply," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 44(3), pages 583-605.
    12. Amitava Krishna Dutt, 2006. "Aggregate Demand, Aggregate Supply and Economic Growth," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(3), pages 319-336.
    13. Tommaso Ciarli & Andre' Lorentz & Maria Savona & Marco Valente, 2012. "The role of technology, organisation, and demand in growth and income distribution," LEM Papers Series 2012/06, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    14. Osman Suliman, 1997. "Innovation and weak labour disposability: some theoretical and empirical evidence," Applied Economics, Taylor & Francis Journals, vol. 29(12), pages 1687-1693.
    15. Antonio D'Agata, 2010. "Endogenous Adaptive Dynamics In Pasinetti Model Of Structural Change," Metroeconomica, Wiley Blackwell, vol. 61(2), pages 333-363, May.
    16. Ciarli, Tommaso & Valente, Marco, 2016. "The complex interactions between economic growth and market concentration in a model of structural change," Structural Change and Economic Dynamics, Elsevier, vol. 38(C), pages 38-54.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:econom:v:61:y:1994:i:242:p:237-51. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley-Blackwell Digital Licensing or Christopher F. Baum (email available below). General contact details of provider: https://edirc.repec.org/data/lsepsuk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.