Adjustment Costs and Immiserizing Growth in LDCs

Sanjib Sarker, John Gilbert and Reza Oladi

Review of Development Economics, 2008, vol. 12, issue 4, 779-791

Abstract: Using a general equilibrium model of a small developing economy, the authors demonstrate that the introduction of asymmetric adjustment costs makes the rate of urban employment respond to an exogenous shock in the aggregate capital endowment, raising the possibility of several counter‐intuitive immiserizing growth scenarios.

Date: 2008
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