HETEROGENEOUS CAPITAL GOODS AND THE HARROD–BALASSA–SAMUELSON EFFECT

Theodore Mariolis ()

Metroeconomica, 2008, vol. 59, issue 2, 238-248

Abstract: This paper shows that in a world of ‘production of commodities by means of commodities’ there is not an unambiguous relation between the long‐period relative commodity prices and the sectoral total factor productivities. Consequently, the Harrod–Balassa–Samuelson effect is not verified and/or makes no sense.

Date: 2008
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https://doi.org/10.1111/j.1467-999X.2007.00303.x

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