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Stages of growth in economic development

机译:经济发展的增长阶段

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The paper analyses a two-sector model of endogenous growth with two common features of economic development: stages of sustained growth and underdevelopment traps. The model also demonstrates the transitional issues of a temporary underdevelopment trap, seemingly sustainable growth, and a slowdown in productivity growth. The temporary underdevelopment trap occurs when an economy exhibits a regime of extensive growth (i.e. slowly declining growth in physical capital with no growth in human capital), but thereafter starts a transition to sustained growth. Seemingly sustainable growth happens when an economy exhibits a regime of intensive growth (i.e. both capitals grow initially) but the growth of human capital subsequently ceases and the economy eventually finds itself in a zero growth trap. The model also exhibits the possibility of a slowdown in productivity growth as a temporary phenomenon during the transition from the low growth stage to the high growth stage of an economy facing a new "industrial" revolution.
机译:本文分析了内生增长的两部门模型,它具有经济发展的两个共同特征:持续增长阶段和欠发达陷阱。该模型还演示了过渡性问题,即暂时的欠发达陷阱,看似可持续的增长以及生产率增长放缓。当经济表现出广泛的增长机制时(即,物质资本的增长缓慢下降而人力资本没有增长),就会出现暂时的欠发达陷阱,但此后便开始向持续增长过渡。当一个经济体呈现出集约式增长的制度时(即两个资本都开始增长),而人力资本的增长随后就停止了,并且经济最终陷入了零增长陷阱,似乎实现了可持续增长。该模型还显示出,在面对新的“工业”革命的经济从低增长阶段向高增长阶段过渡期间,生产率增长放缓是一种暂时现象。

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