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 6 in Economic Growth and Development, 2018, pp 161-190 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 sector, production is carried out by 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 sector to appear that would begin an “industrial revolution,” as in Hansen and Prescott (2002), helping to explain G8 and G9.

Date: 2018
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DOI: 10.1007/978-3-319-89755-4_6

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