Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/68935
Authors: 
Meckl, Jürgen
Year of Publication: 
1999
Series/Report no.: 
Diskussionsbeiträge: Serie 1, Fachbereich Wirtschaftswissenschaften, Universität Konstanz 298
Abstract: 
This paper addresses the criticism that balanced growth models are inconsistent with the dynamics of structural change typical for the process of economic growth. Using a sectoral disaggregated version of a researchdriven growth model, we develop the concept of a generalized balanced growth path (GBGP). The GBGP preserves decisive properties of the balanced growth path analyzed in aggregated growth models. Along a GBGP, aggregate variables grow at constant rates (balanced growth) while disaggregated variables grow at non-constant rates. The aggregated model's implications for the behavior of aggregates are robust with respect to structural dynamics.
Subjects: 
structural adjustment
innovation-based growth
JEL: 
O14
O41
Document Type: 
Working Paper

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