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Industrialization and the Big Push

Kevin M. Murphy, Andrei Shleifer and Robert W. Vishny
Journal of Political Economy
Vol. 97, No. 5 (Oct., 1989), pp. 1003-1026
Stable URL: http://www.jstor.org/stable/1831884
Page Count: 24
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Industrialization and the Big Push
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Abstract

This paper explores Rosenstein-Rodan's idea that simultaneous industrialization of many sectors of the economy can be profitable for them all even when no sector can break even industrializing alone. We analyze this idea in the context of an imperfectly competitive economy with aggregate demand spillovers and interpret the big push into industrialization as a move from a bad to a good equilibrium. We present three mechanisms for generating a big push and discuss their relevance for less developed countries.

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