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Journal Article

Beyond Balanced Growth

Piyabha Kongsamut, Sergio Rebelo and Danyang Xie
The Review of Economic Studies
Vol. 68, No. 4 (Oct., 2001), pp. 869-882
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/2695912
Page Count: 14
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Beyond Balanced Growth
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Abstract

Balanced growth models are commonly used in macroeconomics because they are consistent with the well-known Kaldor facts regarding economic growth. These models, however, are inconsistent with one of the most striking regularities of the growth process-the massive reallocation of labour from agriculture into manufacturing and services. This paper presents a simple model consistent with both the Kaldor facts and the dynamics of sectoral labour reallocation.

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