Transitional Dynamics and Economic Growth in Developing Countries

• Author(s): Thomas Steger,
• Publisher: Springer Science & Business Media
• Pages: 151
• ISBN_10: 3642457843
  ISBN_13: 9783642457845
  
• Language: en
• Categories: Business & Economics / Development / Economic Development , Business & Economics / Economics / Macroeconomics , Business & Economics / Economics / General ,

Description:... 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.