期刊
CAMBRIDGE JOURNAL OF ECONOMICS
卷 31, 期 5, 页码 711-740出版社
OXFORD UNIV PRESS
DOI: 10.1093/cje/bem004
关键词
productivity growth; two sector growth models; demand-led growth
类别
A growth model is developed for an open dual economy. The economy expands owing to a higher growth rate of labour productivity in the modern sector through the Kaldor-Verdoorn channel and higher effective demand through a Keynesian channel. The model incorporates a retardation mechanism affecting the slopes of productivity and output growth schedules as labour surplus and economies of scale diminish. A wage-led or profit-led regime and initial conditions may give rise to: de-industrialization in terms of both output and employment; a growth trap sustaining a situation of structural heterogeneity; or sustainable employment and adequate output and productivity growth.
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