By Sibabrata Das, Alex Mourmouras, Peter C. Rangazas
Growth idea offers a wealthy and flexible analytical framework in which primary questions about financial improvement could be tested. This e-book is an creation to the more recent positive aspects of progress conception which are fairly beneficial in studying the problems of monetary improvement. Structural transformation, within which constructing nations transition from conventional construction in mostly rural parts to fashionable creation in principally city components, is a vital causal strength in developing early financial progress, and as such, is made important during this technique. in the direction of this finish, the authors increase the Solow version to incorporate endogenous theories of saving, fertility, human capital, institutional preparations, and coverage formation, making a unmarried two-sector version of structural transformation. in line with utilized study and sensible reports in macroeconomic improvement, the version during this ebook provides a extra rigorous, quantifiable, and explicitly dynamic twin financial system method of improvement. universal microeconomic foundations and notation are used all through, with each one bankruptcy construction at the earlier fabric in a continual stream. With its unmarried version and concentrate on facts and coverage research, this article is meant for starting graduate scholars and coverage makers attracted to monetary development.
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Extra resources for Economic Growth and Development: A Dynamic Dual Economy Approach
They showed that the standard neoclassical model of physical capital accumulation is not consistent with the pattern of growth rates and interest rates experienced by the USA as it developed. In most cases, it is not possible to use the traditional econometric approach of parameter estimation (due to a desire to limit the number of variables in the analysis, the nonlinear structure of the model, or the lack of appropriate data). Instead, the model is calibrated. 8 Once calibrated, the model can generate predictions about the values of 8 There are differences of opinion about what qualiﬁes as an appropriate target.
4 Intergenerational Transfers 33 getting utility from the effects of those transfers on their children’s adult welfare. The warm-glow approach assumes that parents get direct satisfaction from taking care of their children and satisfying their sense of duty as good parents, or perhaps from the recognition they get from other adults in doing so. It also allows for the possibility that they enjoy giving one kind of transfer more than another. For example, they may prefer investing in their children’s education more than giving them a saving bond, even when the effect on the child’s wealth is the same in both cases.
8 Once calibrated, the model can generate predictions about the values of 8 There are differences of opinion about what qualiﬁes as an appropriate target. Some believe that calibration should not involve previous econometric estimation. According to this view, all parameters within a model should be set to match particular data points or statistical moments of a data set (sample means, variances, and covariances), but not to match econometric estimates found in the literature. Others broaden the targets to include previous statistical estimates of the model’s parameters and behavioral responses, even if the model used in the estimation is not the same as the one used in the calibration.