A Kaldorian Model of Growth and Development Revisited: Comment

Amitava Dutt

Oxford Economic Papers, 1992, vol. 44, issue 1, 156-68

Abstract: This paper argues that A. P. Thirlwall's formalization of N. Kaldor's model of agriculture-industry interaction is deficient in its structural specification and its disequilibrium dynamics, and the inferences that Thirlwall draws regarding the role of agriculture in providing a home market for the industrial sector are mistaken. To do so it develops a correctly specified Kaldorian model, analyzes the dynamics behind its equilibrium, and discusses carefully the role of demand in the Kaldorian model. Copyright 1992 by Royal Economic Society.

Date: 1992
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