The Argentine Great Depression 1975-1990 1

  title={The Argentine Great Depression 1975-1990 1},
  author={Hugo Hopenhayn},
In the period 1974-1990 Argentina’s income per capita fell by 25%. A Solow growth decomposition shows that at most one quarter of this fall can be explained by a reduction in the capital/labor ratio. A study of labor reallocation shows that between 1973 and 1993 employment expanded the most in sectors with a declining output per worker and this reallocation of labor explains 44% of the fall in output per worker. We argue that policies that increase the cost of capital may explain these… CONTINUE READING


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