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  • Growth Patterns and Inequality in the Presence of Costly Technology Adoption

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    Author(s)
    Lahiri, Radhika
    Ratnasiri, Shyama
    Griffith University Author(s)
    Ratnasiri, Shyama G.
    Year published
    2012
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    Abstract
    The stylized facts that motivate this article include the diversity in growth patterns that are observed across countries during the process of economic development and the divergence over time in income distributions both within and across countries. We construct a dynamic general equilibrium model in which technology adoption is costly and agents are heterogeneous in their initial holdings of resources. We interpret the adoption cost as the resources expended in acquiring skills associated with new technologies. Endogenous growth occurs in our model largely as a result of human capital deepening. The analytical results ...
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    The stylized facts that motivate this article include the diversity in growth patterns that are observed across countries during the process of economic development and the divergence over time in income distributions both within and across countries. We construct a dynamic general equilibrium model in which technology adoption is costly and agents are heterogeneous in their initial holdings of resources. We interpret the adoption cost as the resources expended in acquiring skills associated with new technologies. Endogenous growth occurs in our model largely as a result of human capital deepening. The analytical results of the model characterize three growth outcomes associated with the technology adoption process depending on productivity differences between the technologies. These outcomes are labeled 'poverty trap,' 'dual economy,' and 'balanced growth.' The model is then capable of explaining the observed diversity in growth patterns in addition to the divergence of incomes over time and across countries.
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    Journal Title
    Southern Economic Journal
    Volume
    79
    Issue
    1
    DOI
    https://doi.org/10.4284/0038-4038-79.1.203
    Copyright Statement
    © 2012 Southern Economic Association. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
    Subject
    Economics
    Macroeconomic theory
    Publication URI
    http://hdl.handle.net/10072/49736
    Collection
    • Journal articles

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