Nonhomothetic preferences, growth, trade and land
Working Papers. Serie AD from Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie)
Nonhomothetic preferences with minimums of subsistence imply rates of investment that increasewith the level of income, and thus a positive correlation between growth rates and the level ofincome, at low levels of income. The existence of this positive correlation for a closed economywas already shown in a previous paper. The purpose of this paper is to show that, if we introduceland -a scarce resource that cannot be accumulated- in the model, this positive correlation existsfor an open economy as well.
Keywords: Subsistence minimums; investment rates (search for similar items in EconPapers)
Pages: 2 pages
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Persistent link: https://EconPapers.repec.org/RePEc:ivi:wpasad:1997-14
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