Rebelo, Sergio; Kongsamut, Piyabha; Xie, Danyang - International Monetary Fund (IMF) - 2001
Balanced growth models are commonly used in macroeconomics because they are consistent with the well-known Kaldor facts regarding economic growth. These models, however, are inconsistent with one of the most striking regularities of the growth process—the massive reallocation of labor from...
