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Growth and development with dual labor markets

Anne Villamil, Xiaobing Wang and Yuxiang Zou

Manchester School, 2020, vol. 88, issue 6, 801-826

Abstract: This paper develops a formal growth model in an open economy environment that captures dual labour market characteristics. The mechanism involves economic growth driven by capital accumulation in a country with a Lewisian labour market leading to increasing labour participation at a near constant wage. The model shows that surplus labour plays a critical role in explaining different economic growth paths and structural changes in both developing and developed countries.

Date: 2020
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Handle: RePEc:bla:manchs:v:88:y:2020:i:6:p:801-826