Endogenous Structural Change, Aggregate Balanced Growth, and Optimality

Autor:	Takeo Hori, Noriko Mizutani, Taisuke Uchino
Jazyk:	angličtina
Rok vydání:	2018
Předmět:	Economics and Econometrics Labour economics Endogenous growth theory 05 social sciences Aggregate (data warehouse) Knowledge spillover Structural change High productivity 0502 economics and business Optimal allocation Economics 050207 economics Productivity 050205 econometrics Public finance
Zdroj:	Economic Theory. 65(1):125-153
Popis:	Developed countries have experienced labor employment shifts from the manufacturing sector to the services sector, which is a process termed structural change. We construct a two-sector endogenous growth model of structural change in which knowledge spillover sustains growth. Our model is consistent with the empirically observed pattern of structural change as well as aggregate balanced growth. In both centralized and decentralized economies, labor employment shifts from a high productivity growth sector to a low productivity growth sector. Because of knowledge spillover, excessive labor is allocated to productivity improvements in the high productivity growth sector. Hence, the decentralized economy is characterized by rapid structural change compared to the optimal allocation.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::678960e96dafb7fb72f710b2c9deae13 http://t2r2.star.titech.ac.jp/cgi-bin/publicationinfo.cgi?q_publication_content_number=CTT100726851 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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