Transitional Dynamics and Economic Growth in Developing Countries
Dec 2012 · Lecture Notes in Economics and Mathematical Systems Book 489 · Springer Science & Business Media
Ebook
151
Pages
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About this ebook
Four stylised facts of aggregate economic growth are set up initially. The growth process is interpreted to represent transitional dynamics rather than balanced-growth equilibria. Against this background, the fundamental importance of subsistence consumption is comprehensively analysed. Subsequently, the meaning of the productive-consumption hypothesis for the intertemporal consumption trade-off and the growth process is investigated. Finally, the process of growth is analysed empirically by means of cross-sectional conditional convergence regressions with endogenous control variables.
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