Growth Theory and Economic Structure

@inproceedings{Cornwall1994GrowthTA,
  title={Growth Theory and Economic Structure},
  author={J. W. Cornwall and Wendy Cornwall},
  year={1994}
}
New growth theory endogenizes growth but neglects aggregate demand and distributional shifts in output and employment. A model incorporating demand and structural change is introduced to assess the effects of greater integration of the EC. The analysis shows that the new growth model overstates the long-run implications of integration and that identical effects on productivity growth can be achieved by reducing unemployment. It is argued that the benefits of lower unemployment are more certain… CONTINUE READING

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