Must the growth rate decline? Baumol's unbalanced growth revisited

被引:93
作者
Oulton, N [1 ]
机构
[1] Bank England, Monetary Anal, Div 3, London EC2R 8AH, England
来源
OXFORD ECONOMIC PAPERS-NEW SERIES | 2001年 / 53卷 / 04期
关键词
D O I
10.1093/oep/53.4.605
中图分类号
F [经济];
学科分类号
02 ;
摘要
According to Baumol's model of unbalanced growth, if resources are shifting towards industries where productivity is growing relatively slowly, the aggregate productivity growth rate will slow down. This conclusion is often applied to the advanced economies, where resources are indeed shifting towards the relatively stagnant service industries. But Baumol's conclusion only follows logically if the stagnant industries produce final products. If instead they produce intermediate products, the aggregate productivity growth rate may rise rather than Call. This is empirically relevant since the most rapidly expanding service industries, e.g. business services, are producing mainly for intermediate use.
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页码:605 / 627
页数:23
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