Two stages of economic development

Arbeitspapier

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 theory of economic development, we find that the People's Republic of China's economy is currently at the intersection between the first and second stages. This is the definition of "new normal" in the current Chinese economy.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ADBI Working Paper ; No. 628

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Macroeconomic Analyses of Economic Development ; General Aggregative Models: General ; Optimization Techniques; Programming Models; Dynamic Analysis ; Existence and Stability Conditions of Equilibrium
• Thema: dual economy theory ; Kuznets curve ; economic growth ; new normal

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Gong, Gang
• Ereignis: Veröffentlichung
• (wer): Asian Development Bank Institute (ADBI)
• (wo): Tokyo
• (wann): 2016

Weitere Informationen

• Handle: http://hdl.handle.net/10419/163127
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ