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Beyong Balanced Growth
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1997
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Applied EconomicsEconomic DevelopmentDevelopment EconomicsAgricultural EconomicsEducationEndogenous Growth TheoryBalanced Growth ModelsEconomic GrowthProductivityManagementEconomic AnalysisStructural ChangeEconomicsEconomics DevelopmentStrategySector StructureBusiness GrowthStructural Change DynamicsMacroeconomicsBeyong Balanced GrowthBusinessBusiness StrategyGrowth Theory
One of the most striking regularities of the growth process is the massive reallocation of labor from agriculture into industry and services. Balanced growth models are commonly used in macroeconomics because they are consistent with the well-known Kaldor facts about economic growth. These models are, however, inconsistent with the structural change dynamics that are a central feature of economics development. This paper discusses models with generalized balanced growth paths.