Economic Geography and Structural Change

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Tác giả: Clement E Bohr, Marti Mestieri, Frederic Robert-Nicoud

Ngôn ngữ: eng

Ký hiệu phân loại: 330.9 Economic situation and conditions

Thông tin xuất bản: 2024

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Bộ sưu tập: Metadata

ID: 205185

As countries develop, the relative importance of agriculture declines and economic activity becomes spatially concentrated. We develop a model integrating structural change and regional disparities to jointly capture these phenomena. A key modeling innovation ensuring analytical tractability is the introduction of non-homothetic Cobb-Douglas preferences, which are characterized by constant unitary elasticity of substitution and non-constant income elasticity. As labor productivity increases over time, economic well-being rises, leading to a declining expenditure share on agricultural goods. Labor reallocates away from agriculture, and industry concentrates spatially, further increasing aggregate productivity: structural change and regional disparities are two mutually reinforcing outcomes and propagators of the growth process.
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