The Kuznets-Kaldor-Puzzle and Neutral Cross-Capital-Intensity Structural Change

Helmut Wagner and Denis Stijepic

DEGIT Conference Papers from DEGIT, Dynamics, Economic Growth, and International Trade

Abstract: The Kuznets-Kaldor stylized facts are one of the most striking empirical observations about the development process in the industrialized countries: While massive factor reallocation across technologically distinct sectors takes place, the aggregate ratios of the economy are quite stable. This implies that cross-technology factor reallocation has a relatively weak impact on the aggregates, which is a puzzle from a theoretical point of view. We provide a model that can explain this puzzle. Furthermore, we show by empirical evidence that this model is in line with 55% of structural change.

Keywords: neoclassical growth models; balanced growth; structural change; Kaldor facts; labor reallocation across sectors; sector technology (search for similar items in EconPapers)
JEL-codes: O14 O41 (search for similar items in EconPapers)
Pages: 66 pages
Date: 2010-09
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