2012 Fiscal Year Final Research Report
Studies on An Unbalanced Growth Among Industries
| Project/Area Number |
22530187
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Economic theory
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| Research Institution | Meiji Gakuin University |
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Principal Investigator |
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| Project Period (FY) |
2010 – 2012
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| Keywords | 産業構造 / 多部門最適成長モデル / ターンパイク定理 / 資本集約度 / 全要素生産性 |
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| Research Abstract |
Kardor (1961) found that aggregated labor share exhibits constant over time. On the other hand, Kuznets (1965) observed the shift of population from traditional to modern activities. In other words, although the macro-based observation exhibits the balanced evolution of aggregated labor share, the industry-based observation shows the unbalanced evolution of industry labor ’s share. We have witnessed recent theoretical models attempted to reconcile of these contradictory facts. For example, Echevarria (1997), Kongsamut, Rebelo and Xie (2001), Acemoglu and Guerrieri (2008) and Young (2010) are among others. I will set up a neoclassical two-sector optimal growth model with technical progresses based on the model studied by Uzawa (1964) and Ara (1969). I will apply the turnpike theory developed by Scheinkman and McKenzie instead of Uzawa’s analytical method. I will demonstrate that 1) there exists an optimal steady state (OSS) where each sector ’ output grows at the sector specific echnical progress and 2) the optimal path with a sufficient initial stock will converge to the OSS. The first result implies that the OSS exhibits Kaldor ’s stylized facts, and the second one implies that the optimal path will feature the Kuznets Process through its transitionperiod.
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