On intersectoral allocations, factors substitutability, and multiple long run growth paths

Drugeon, Jean-Pierre, Poulsen, Odile and Venditti, Alain (2003) On intersectoral allocations, factors substitutability, and multiple long run growth paths. Economic Theory, 21 (1). pp. 175-183. ISSN 1432-0479

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Abstract

This article considers a two-sector model of economic growth with “labour-augmenting” intersectoral external effects stemming from the aggregate capital stock. It is shown that equilibrium balanced growth paths with a non-trivial labour allocation scheme become available. A set of sufficient conditions for the existence of multiple equilibrium growth rays is provided and their determinacy properties are then characterised. Finally, examination of a parameterised C.E.S. economy illustrates the central role of non-unitary values for the elasticity of substitution in the multiplicity issue.

Item Type:	Article
Faculty \ School:	Faculty of Social Sciences > School of Economics
Depositing User:	Vishal Gautam
Date Deposited:	01 Jan 2003
Last Modified:	12 Jan 2024 01:24
URI:	https://ueaeprints.uea.ac.uk/id/eprint/16641
DOI:	10.1007/s00199-001-0240-0

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