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A Rostovian model of endogenous growth and underdevelopment traps

Zilibotti, Fabrizio (1995) A Rostovian model of endogenous growth and underdevelopment traps European Economic Review, 39, (8), pp. 1569-1602. (doi:10.1016/0014-2921(94)00027-W).

Record type: Article

Abstract

The paper presents a model which combines self-sustained growth and '‘underdevelopment traps’ into a common analytical framework. We provide an analytical interpretations to Rostow's observation that there is ‘a decisive interval in the history of a society when growth becomes its normal condition’' and to the empirical evidence that some countries seem not to have achieved this stage yet. The model exhibits aggregate non-convexities and thresholds which separate a region where growth is ‘Solow-type’, with convergence to a stationary steady-state from a region where growth is ‘Romer-type’, with endogenous self-sustained growth. In some critical stages of development there exist multiple equilibrium trajectories, consistent with alternative sets of self-fulfilling beliefs.

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More information

Published date: October 1995
Keywords: underdevelopment traps, thresholds, externalities, technical progress

Identifiers

Local EPrints ID: 33090
URI: http://eprints.soton.ac.uk/id/eprint/33090
ISSN: 0014-2921
PURE UUID: cef2870c-ad2d-4f63-afec-519a062b0a54

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Date deposited: 13 Dec 2007
Last modified: 17 Jul 2017 15:54

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Contributors

Author: Fabrizio Zilibotti

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