Two-sector Growth Models

Sibabrata Das (), Alex Mourmouras () and Peter Rangazas
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Sibabrata Das: International Monetary Fund
Alex Mourmouras: International Monetary Fund

Chapter Chapter 4 in Economic Growth and Development, 2015, pp 91-120 from Springer

Abstract: Abstract This section provides an introduction to two-sector growth models. We begin with a model where a single good is produced using traditional means of production. In the traditional sectorTraditional sector , production is carried out by householdsPreferences households using land (natural resources) and labor. There are no firms or factories that rely on heavy plant and equipment and modern production methods to produce goods. This setting can be used to identify the conditions necessary for a modern sectorModern sector to appear that would begin an “industrial revolution,” as in Hansen and Prescott (2002).

Keywords: Capital Accumulation; Physical Capital; Relative Price; Land Rent; Closed Economy (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1007/978-3-319-14265-4_4

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