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Proceedings of the German Development Economics Conference, 2008 (Zürich) >
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http://hdl.handle.net/10419/39871
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| Title: | | Dualism and the big push  |
| Authors: | | Valensisi, Giovanni |
| Issue Date: | | 2008 |
| Series/Report no.: | | Proceedings of the German Development Economics Conference, Zürich 2008 45 |
| Abstract: | | We develop a two-sector model with specific factors, in which agriculture is subject to diminishing returns and market-clearing wages, while increasing returns and efficiency wages prevail in industry. The asymmetric interaction of the two sectors, jointly with the dualistic structure of the labor market, is such that the model may display multiple equilibra and a low-development trap under plausible parametrization. Additionally, parametric increases of sectoral TFP may reduce the basin of attraction of the low-equilibrium and increase the steady state level of capital stock (and wages) for the stable equilibrium of full industrialization. |
| Subjects: | | dualism industrialization poverty traps Kaldor-Verdoorn law Engel's effects |
| JEL: | | O11 O14 O41 |
| Document Type: | | Conference Paper |
| Appears in Collections: | | Proceedings of the German Development Economics Conference, 2008 (Zürich)
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