On Intersectoral allocations,factors substitutability and multiple long-run growth paths |
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| Authors: | Jean-Pierre Drugeon Odile Poulsen Alain Venditti |
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| Institution: | 1.C.n.r.s.-E.v.r.e.q.v.a., M.s.e., 106-12, Boulevard de l'H?pital, 75647 Paris Cedex 13, FRANCE
,FR;2.The Aarhus School of Business, Fuglesangs Allé 4, 8210 Aarhus, DENMARK (e-mail: odp@asb.dk)
,DK;3.C.n.r.s.-G.r.e.q.a.m., 02, rue de la charité, Centre de la Vieille Charité, 13002 Marseille, FRANCE (e-mail: venditti@ehess-cnrs.mrs.fr)
,FR |
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| Abstract: | Summary. This article considers a two-sector model of economic growth with “labour-augmenting” intersectoral external effects stemming
from the aggregate capital stock. It is shown that equilibrium balanced growth paths with a non-trivial labour allocation
scheme become available. A set of sufficient conditions for the existence of multiple equilibrium growth rays is provided
and their determinacy properties are then characterised. Finally, examination of a parameterised C.E.S. economy illustrates
the central role of non-unitary values for the elasticity of substitution in the multiplicity issue.
Received: October 31, 2000; revised version: September 25, 2001 |
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| Keywords: | and Phrases: Intersectoral labour-augmenting externalities Long-run multisector growth Global indeterminacies |
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