A model of development with structural and technological change

João Prates Romero (), Gustavo Britto and Frederico Jayme Jr

No 479, Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: The paper proposes a new model of development to describe a process of structural change of a dual economy. By introducing a novel sectoral division of the economic system into a low and a high-tech sector, the model builds on previous formulations and formalizes both a structure and a process of development which encompassing simultaneously the four main constraints to development found in the literature: structural heterogeneity, low capacity to investment and to innovate, balance of payments constraints, and income inequality. In doing so, the construction integrates different strands of the economic literature concerned with development and growth.

Keywords: Dual economies; balance-of-payments constrained growth; income distribution; structural change. (search for similar items in EconPapers)
JEL-codes: L16 O31 O41 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2013-06
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