STRUCTURAL CHANGE AND A CONSTANT GROWTH PATH IN A THREE-SECTOR GROWTH MODEL WITH THREE FACTORS
抄録
<jats:p>This study proposes the unified framework of a three-sector model with structural change where agriculture, manufacturing, and service sectors have different production technologies. All three sectors use the factors of capital, labor, and land as inputs. The constant-growth path (CGP), which is the trajectory along which the rental rate of capital remains constant, is used to reconcile the Kaldor and Kuznets facts, and plays a role in linking the wage rate and land rent in the three-factors model. Because the prices of agricultural goods and services are determined endogenously, the CGP condition is no longer the knife-edge condition. We find that the dynamic system along the CGP in the three-sector, three-factor model corresponds to the standard two-sector optimal growth model.</jats:p>
収録刊行物
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- Macroeconomic Dynamics
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Macroeconomic Dynamics 21 (2), 406-438, 2016-07-07
Cambridge University Press (CUP)
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詳細情報 詳細情報について
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- CRID
- 1360567183048652928
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- ISSN
- 14698056
- 13651005
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- データソース種別
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- Crossref
- KAKEN