Conformism and structural change

• Autores: Takeo Hori, Masako Ikefuji, Kazuo Mino
• Localización: International economic review, ISSN-e 1468-2354, Vol. 56, Nº. 3, 2015, págs. 939-961
• Idioma: inglés
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• Resumen

  • Using a simple, multisector model of endogenous growth, we show that commodity-specific consumption externalities can be a source of structural change. When the degrees of consumption externalities are different between goods, each sector grows at a different rate. However, the aggregate economy exhibits balanced growth in that capital stock and expenditure grow at the same constant rate. A three-sector version of our model may reconcile Kaldor's stylized facts with empirically plausible profiles of industrial structure transformation