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A Rostovian model of endogenous growth and underdevelopment traps

Zilibotti, F. (1993) A Rostovian model of endogenous growth and underdevelopment traps. CEPDP, 166. Centre for Economic Performance, London School of Economics and Political Science, London, UK.

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Abstract

The paper presents a model which combines self-sustained growth and ''underdevelopment traps'' into a common analytical framework. The objective is to given 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 region where growth is ''Romer-type'' , with endogenous self-sustained growth. In some critical stages of development multiple equilibrium trajectory may exist, consistent with alternative sets of self-fulfilling beliefs.

Item Type: Monograph (Discussion Paper)
Official URL: http://cep.lse.ac.uk
Additional Information: © 1993 F.Zilibotti
Library of Congress subject classification: H Social Sciences > HB Economic Theory
Sets: Collections > Economists Online
Research centres and groups > Centre for Economic Performance (CEP)
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: 166
Date Deposited: 19 Aug 2008 10:30
URL: http://eprints.lse.ac.uk/20942/

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