publication . Article . Research . 2016

two stages of economic development

Gong, Gang;
Open Access
  • Published: 01 Jan 2016 Journal: SSRN Electronic Journal (eissn: 1556-5068, Copyright policy)
  • Publisher: Elsevier BV
Abstract
This study suggests that the development process of a less-developed country can be divided into two stages, which demonstrate significantly different properties in areas such as structural endowments, production modes, income distribution, and the forces that drive economic growth. The two stages of economic development have been indicated in the growth theory of macroeconomics and in the various "turning point" theories in development economics, including Lewis's dual economy theory, Kuznets curve, and the middle-income trap. A dynamic macroeconomic model is constructed to simulate the development process that reveals these two stages. Using the two-stage theo...
Subjects
free text keywords: O11, E10, C61, C62, dual economy theory, economic growth, new normal, Macroeconomic model, Economic indicator, Economics, Dual economy, Development economics, Financial sector development, Income distribution, Economic forecasting, Planned economy, Kuznets curve, Economic system, ddc:330
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publication . Article . Research . 2016

two stages of economic development

Gong, Gang;