Abstract

AROCHE REYES, Fidel. The Kaldor-Verdoorn law in a multisectoral perspective. Cuad. Econ. [online]. 2021, vol.40, n.83, pp.383-402.  Epub Sep 30, 2021. ISSN 0121-4772.  https://doi.org/10.15446/cuad.econ.v40n83.82215.

Structural change means that the trade relationships between the sectors or industries in the economy shift, together with the proportions between the variables. Since technical and final demand also change asymmetrically, growth is generally unbalanced. Analogously, the Kaldor-Verdoorn law postulates that growth is positively related to the labour productivity in the manufacturing sector, yet it does not adopt a multisectoral perspective explicitly. This paper explores such law from this perspective and concludes that it is possible to understand it in terms of the input-output model, as well as using comparative statics to study the structural evolution of the economy.

JEL: C67, D57, O41.

Keywords : Economic structure; growth; Kaldor-Verdoorn law; productivity.

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