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Transitional Growth Paths in Developing Economies

Author

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  • Robertson, P. E.

Abstract

This paper develops model of growth in an economy where the capital stock is rationed across labour inputs, as in the dual, or segmented, labour market literature on developing economies. In this economy, the increased use of labour in the formal sectors can sustain high marginal and average products of capital and high growth rates for periods of 15-30 years. This provides an interesting insight into the current growth and convergence debate. The model is shown to overcome the empirical problems of the standard Ramsey growth model and also avoids some recent criticisms of endogenous growth models.

Suggested Citation

  • Robertson, P. E., 1997. "Transitional Growth Paths in Developing Economies," Papers 97/7, New South Wales - School of Economics.
    • Handle: RePEc:fth:nesowa:97/7
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    Cited by:

    1. William Coleman, 1998. "Should We Wait to ‘Grow Out of’ Unemployment? The Implications of a Neoclassical Calibration Analysis," The Economic Record, The Economic Society of Australia, vol. 74(225), pages 162-169, June.

    More about this item

    Keywords

    GROWTH MODELS ; ECONOMIC DEVELOPMENT ; TECHNOLOGICAL CHANGE ; LABOUR MARKET;
    All these keywords.

    JEL classification:

    • O0 - Economic Development, Innovation, Technological Change, and Growth - - General
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • D9 - Microeconomics - - Micro-Based Behavioral Economics

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