Structural change and Investment allocation in a Pasinettian approach

Ricardo Araujo, Joanílio Rodolpho Teixeira () and Jorge Thompson Araujo ()

Brazilian Journal of Political Economy, 1999, vol. 19, issue 3, 536-549

Abstract: ln this article Feldman’s model of investment allocation (1928) is disaggregatedto study the implications of introducing the structural change process in it. It means that theanalysis proposed here is carried out in a multi-sectoral framework, where both productivityand demand are changing at a distinct rate in each sector. Feldman’s model is then shown tobe a particular case of Pasinetti (1981, 1993) and an equilibrium path is established. Finally,we analyze the possibility of maintaining equilibrium over time and normative conclusionsare obtained. JEL Classification: E12; E22; O11; O41.

Keywords: Structural change; Feldman-Mahalanobis model; Pasinettian model; economic development; multi-sector models (search for similar items in EconPapers)
Date: 1999
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