Please use this identifier to cite or link to this item: https://doi.org/10.1016/j.jedc.2012.03.002
Title: Progressive services, asymptotically stagnant services, and manufacturing: Growth and structural change
Authors: Kapur, B.K. 
Keywords: Endogenous growth
Information technology
Non-homothetic preferences
Progressive services
Structural change
Issue Date: Sep-2012
Source: Kapur, B.K. (2012-09). Progressive services, asymptotically stagnant services, and manufacturing: Growth and structural change. Journal of Economic Dynamics and Control 36 (9) : 1322-1339. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jedc.2012.03.002
Abstract: We present a model of structural change which, distinctively, sub-divides services (S) into 'Progressive Services' (PS) and 'Asymptotically Stagnant Services' (AS), to better reflect the advent of the New Economy. A manufacturing (M) sector is also included, and non-homothetic preferences assumed. An expanding-product-variety endogenous-growth framework is adopted, and partially overlapping input sets across the three (sub-)sectors assumed. The model endogenously generates different stages of growth: services which in due course become classified as progressive first overtake AS, and then M, in innovation-driven productivity growth, consistent with post-World-War-II US experience. The socially optimal growth pattern differs qualitatively from the private, and optimal, time-varying R&D subsidies are identified. © 2012 Elsevier B.V.
Source Title: Journal of Economic Dynamics and Control
URI: http://scholarbank.nus.edu.sg/handle/10635/52110
ISSN: 01651889
DOI: 10.1016/j.jedc.2012.03.002
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