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A Multi-sector Model of LDC

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  • Bhattacharya, Prabir C

Abstract

This paper develops a model of LDC that systematically incorporates an informal sector. The implications of the model presented in this paper, in particular, are seen to be directly opposed to the fundamental implications of the Lewis-type models. The model also questions the conventional wisdom that decreases in the formal-sector minimum wage and increases in the maximum size of firm above which this minimum is enforced will help workers in the informal sector, the essential argument being that these policies may have adverse terms-of-trade effects on the informal sector that offset their favorable labor-market effects. Copyright 1994 by Scottish Economic Society.

Suggested Citation

  • Bhattacharya, Prabir C, 1994. "A Multi-sector Model of LDC," Scottish Journal of Political Economy, Scottish Economic Society, vol. 41(3), pages 225-255, August.
    • Handle: RePEc:bla:scotjp:v:41:y:1994:i:3:p:225-55
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    Cited by:

    1. Prabir C. Bhattacharya, 1998. "Migration, employment and development: a three-sector analysis," Journal of International Development, John Wiley & Sons, Ltd., vol. 10(7), pages 899-921.
    2. Bhattacharya, Prabir C., 2001. "Aspects of employment and unemployment in a model of the developed and the less developed economies," Economic Modelling, Elsevier, vol. 18(2), pages 297-311, April.
    3. Bhattacharya, Prabir C., 2011. "Informal sector, income inequality and economic development," Economic Modelling, Elsevier, vol. 28(3), pages 820-830, May.
    4. Soldatos, Gerasimos T., 2015. "A Bilateral Monopsony Approach to Lending, and the Hidden Economy in LDCs," MPRA Paper 66896, University Library of Munich, Germany.
    5. Prabir C. Bhattacharya, 2015. "A Model of Optimal Development: Further Results," Heriot-Watt University Economics Discussion Papers 1504a, Department of Economics, School of Management and Languages, Heriot Watt University.
    6. Prabir C. Bhattacharya, 2002. "Rural-to-urban migration in LDCS: a test of two rival models," Journal of International Development, John Wiley & Sons, Ltd., vol. 14(7), pages 951-972.

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