Capital specificity,imperfect labor mobility and growth in developing economies |
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| Authors: | John Gilbert Reza Oladi |
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| Affiliation: | 1. Economics and Management School, Wuhan University, Wuhan 430072, China;2. Center of Economic Development Research, Wuhan University, Wuhan 430072, China;3. Center of Population, Resource & Environmental Economics Research, Wuhan University, Wuhan 430072, China;4. College of Economics & Management, Huazhong Agricultural University, Wuhan 430070, China;5. China Center for Energy Economics Research, School of Economics, Xiamen University, Xiamen 361005, China;1. Paris School of Economics (University Paris 1), France;2. CEPII, France;3. EconomiX, University Paris West, France;1. School of Economics and Commerce, South China University of Technology, Guangzhou, China;2. School of Economics, Shenzhen Polytechnic, Shenzhen, China;3. School of Business, University of New South Wales, Canberra, ACT 2600, Australia |
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| Abstract: | Labor markets in developing economies may be afflicted by a multiplicity of interacting distortions. We consider a general equilibrium model of an economy distorted by both sector-specific sticky wages and imperfect mobility of labor. In this framework, we contrast the implications of capital accumulation in the short and long run. We show that, in contrast to both the case in the absence of a sector-specific sticky wage and the case in the absence of imperfect labor mobility, the short and long-run effects of growth on the economic system converge as the degree of labor mobility is limited. |
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