A General Model of Growth and Development on Kaldorian Lines

Anthony Thirlwall

Chapter 13 in Essays on Keynesian and Kaldorian Economics, 2015, pp 302-325 from Palgrave Macmillan

Abstract: Abstract Arthur Lewis says in his Presidential Address to the American Economic Association: “the economist’s dream would be to have a single theory of growth that took an economy from the lowest level of say $100 per capita, past the dividing line of $2,000 up to the level of Western Europe and beyond. Or to have, since processes may differ at different stages, a set of theories growing out of each other longitudinally, and handing over to each other. Or putting aside what happens after $2,000 is passed, to have at least one good theory for the developing economy from $100 to the dividing line”. (Lewis, 1984). Lewis’s dream will probably remain as such, but I believe we know enough about the development process to provide the basis for his second best—namely a set of theories growing out of each other longitudinally and handing over to each other. Such a model would give pride of place to agriculture, and its complementarity with industry, in the early stages of development, with export growth taking over in the later stages. There can be little doubt from the empirical evidence (see Kaldor, 1966, 1967 and Sen, 1983) that the pace of long run growth and development is closely associated with the growth of industrial activities. The fundamental question is what determines the growth of industrial output?

Keywords: Real Wage; Technical Progress; Agricultural Output; Industrial Output; Industrial Growth (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: A General Model of Growth and Development on Kaldorian Lines (1986)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:pshchp:978-1-137-40948-5_14

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137409485

DOI: 10.1057/9781137409485_14

Access Statistics for this chapter

More chapters in Palgrave Studies in the History of Economic Thought from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().