Economic growth consequences of structural stagnation: A two-sector model of productive diversification
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| Natura: | Artículo científico |
| Lingua: | en |
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Universidad de Antioquia
2013
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| _version_ | 1876471736693686272 |
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| author | Carlos Humberto Ortiz |
| author_facet | Carlos Humberto Ortiz |
| contents | Economic growth consequences of structural stagnation: A two-sector model of productive diversification Carlos Humberto Ortiz Economía y Finanzas input specialization Diversification economic growth output deepening Abstract: The role of manufacturing input diversification is addressed in a two-sector model of endogenous growth. The general economic equilibrium is solved for the world. It is also solved for a small country with scant capital accumulation, low input diversification and high agricultural productivity. In this set up, developed economies lead the world structural transformation and achieve increasing growth rates by carrying out processes of productive diversification. For each country, the model yields that specialization may enhance economic development if factor prices are internationally equalized. However, due to terms of trade deterioration, factor prices are lower in underdeveloped economies. Hence, specialization of the small country according to its comparative advantages –structural stagnation– generates an inferior path of economic development (lower income and slower growth). 2013 artículo científico 0120-2596 https://www.redalyc.org/articulo.oa?id=155226987003 en http://www.redalyc.org/revista.oa?id=1552 Lecturas de Economía application/pdf Universidad de Antioquia Lecturas de Economía (Colombia) Num.78 |
| format | Artículo científico |
| id | redalyc_155226987003 |
| institution | Redalyc |
| language | en |
| publishDate | 2013 |
| publisher | Universidad de Antioquia |
| spellingShingle | Economic growth consequences of structural stagnation: A two-sector model of productive diversification Carlos Humberto Ortiz Economía y Finanzas input specialization Diversification economic growth output deepening Economic growth consequences of structural stagnation: A two-sector model of productive diversification Carlos Humberto Ortiz Economía y Finanzas input specialization Diversification economic growth output deepening Abstract: The role of manufacturing input diversification is addressed in a two-sector model of endogenous growth. The general economic equilibrium is solved for the world. It is also solved for a small country with scant capital accumulation, low input diversification and high agricultural productivity. In this set up, developed economies lead the world structural transformation and achieve increasing growth rates by carrying out processes of productive diversification. For each country, the model yields that specialization may enhance economic development if factor prices are internationally equalized. However, due to terms of trade deterioration, factor prices are lower in underdeveloped economies. Hence, specialization of the small country according to its comparative advantages –structural stagnation– generates an inferior path of economic development (lower income and slower growth). 2013 artículo científico 0120-2596 https://www.redalyc.org/articulo.oa?id=155226987003 en http://www.redalyc.org/revista.oa?id=1552 Lecturas de Economía application/pdf Universidad de Antioquia Lecturas de Economía (Colombia) Num.78 |
| title | Economic growth consequences of structural stagnation: A two-sector model of productive diversification |
| topic | Economía y Finanzas input specialization Diversification economic growth output deepening |
| url | https://www.redalyc.org/articulo.oa?id=155226987003 |