TY  - RPRT
        AU  - Foellmi, Reto
AU  - Zweimüller, Josef
        TI  - Structural Change and the Kaldor Facts of Economic Growth
        PY  - 2002/Apr/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 472
        UR  - https://www.iza.org/index.php/publications/dp472
        AB  - We present a model in which two of the most important features of the long-run growth
process are reconciled: the massive changes in the structure of production and employment;
and the Kaldor facts of economic growth. We assume that households expand their
consumption along a hierarchy of needs and firms introduce continuously new products. In
equilibrium industries with an expanding and those with a declining employment share co-exist,
and each such industry goes (or has already gone) through a cycle of take-off, maturity,
and stagnation. Nonetheless macroeconomic aggregates grow pari passu at a constant rate.
        KW  - innovation
KW  - structural change
KW  - balanced growth
KW  - Kaldor facts
KW  - hierarchic
        ER  -