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Evolution in Division of Labor and Macroeconomic Policies

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  • Junxi Zhang

Abstract

The relative merits of income‐tax and money financing of a constant share of government expenditure in GNP are assessed in a dynamic learning‐by‐doing model with endogenous specialization. It is shown that the mode of the financing policy has real effects, in particular on the speed of evolution in division of labor and the growth rate of an economy. Different government financing methods invoke different effects; as the economy develops, the effectiveness of these policies may vary with the extent of the division of labor. Some of the effects are also found to be substantially different from those in conventional models with exogenous specialization.

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  • Junxi Zhang, 1997. "Evolution in Division of Labor and Macroeconomic Policies," Review of Development Economics, Wiley Blackwell, vol. 1(2), pages 236-245, June.
    • Handle: RePEc:bla:rdevec:v:1:y:1997:i:2:p:236-245
    DOI: 10.1111/1467-9361.00016
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    Cited by:

    1. Cheng, Wenli & Yang, Xiaokai, 2004. "Inframarginal analysis of division of labor: A survey," Journal of Economic Behavior & Organization, Elsevier, vol. 55(2), pages 137-174, October.

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