Economic Theory - Equilibrium, Consumption - Economics, General Economic Policies, Economic Conditions - General & Miscellaneous, Economic Development, Mathematical Modeling - Economics, Development

Transitional Dynamics and Economic Growth in Developing Countries

Name: Transitional Dynamics and Economic Growth in Developing Countries
Author: Thomas Steger
ISBN: 9783540675631

by Thomas Steger

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Overview

Four stylised facts of aggregate economic growth are set up initially. The growth process is interpreted to represent transitional dynamics rather than balanced-growth equilibria. Against this background, the fundamental importance of subsistence consumption is comprehensively analysed. Subsequently, the meaning of the productive-consumption hypothesis for the intertemporal consumption trade-off and the growth process is investigated. Finally, the process of growth is analysed empirically by means of cross-sectional conditional convergence regressions with endogenous control variables.