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Economic Growth, Engel's Law, and Structural Transformation

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Authors

Shin, DoChull

Issue Date
1995-01
Publisher
Institute of Economic Research, Seoul National University
Citation
Seoul Journal of Economics, Vol.8 No.1, pp. 1-22
Keywords
structural transformationdiminishing importanceagricultural sector
Abstract
This paper presents a model of structural transformation in the course of economic development and contrasts simulation results with actual data. Important features of the United States historical data such as the diminishing importance of agriculture in terms of labor force or GDP fraction can be generated by the model. It is shown that the structural dynamics bringing about diminution of agriculture calls for a nonhomothetic preference specification.
ISSN
1225-0279
Language
English
URI
https://hdl.handle.net/10371/1052
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