Pasinetti versus Rebelo: Two different models or just one?
Pasinetti's [Pasinetti, L.L., 1960. A mathematical formulation of the Ricardian system. Review of Economic Studies 27, 78-98] model formalizing Ricardian growth theory and one of the simplest models developed within the 'new' growth theory [Rebelo, S., 1991. Long run policy analysis and long run growth. Journal of Political Economy 99, 500-521] are shown to share the same structure. This enforces the thesis according to which many endogenous growth models have a 'Classical' flavour. The main difference from Pasinetti's to Rebelo's framework may be interpreted as reflecting the change in the consumption pattern of workers from early to late industrial societies.
Year of publication: |
2008
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Authors: | D'Alessandro, Simone ; Salvadori, Neri |
Published in: |
Journal of Economic Behavior & Organization. - Elsevier, ISSN 0167-2681. - Vol. 65.2008, 3-4, p. 547-554
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Publisher: |
Elsevier |
Saved in:
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