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http://hdl.handle.net/10419/21485
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| Title: | | Structural Change and the Kaldor Facts of Economic Growth  |
| Authors: | | Foellmi, Reto Zweimüller, Josef |
| Issue Date: | | 2002 |
| Series/Report no.: | | IZA Discussion paper series 472 |
| Abstract: | | We present a model in which two of the most important features of the long-run growth process are reconciled: the massive changes in the structure of production and employment; and the Kaldor facts of economic growth. We assume that households expand their consumption along a hierarchy of needs and firms introduce continuously new products. In equilibrium industries with an expanding and those with a declining employment share coexist, and each such industry goes (or has already gone) through a cycle of take-off, maturity, and stagnation. Nonetheless macroeconomic aggregates grow pari passu at a constant rate. |
| Subjects: | | Kaldor facts balanced growth structural change innovation hierarchic preferences demand externalities multiple equilibria |
| JEL: | | L16 O31 O11 O40 D91 |
| Document Type: | | Working Paper |
| Appears in Collections: | | IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
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