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- Title
INTERNATIONAL TRADE AND INDUSTRIALIZATION WITH CAPITAL ACCUMULATION AND SKILL ACQUISITION.
- Authors
SASAKI, HIROAKI
- Abstract
In this paper we develop a small open economy three-sector model of semi-endogenous growth that consists of an agricultural sector, a manufacturing sector and a skill-producing sector, and we analyze the relationship between specialization processes and economic growth. The main results are as follows: (i) for the sustainability of complete specialization in manufacturing, the growth rate of the population at home must exceed that in the ROW; (ii) it is possible that an economy that is scarce in both capital stock and skills industrializes by delaying the time when it switches from autarky to free trade; and (iii) under free trade, an economy that is abundant in capital stock (skills) but scarce in skills (capital stock) is likely to asymptotically specialize in agriculture.
- Subjects
ECONOMIC development; CAPITAL stock; AUTARCHY; FREE trade; AGRICULTURE; MANUFACTURED products; ABILITY; EXPERTISE; TERMS of trade
- Publication
Manchester School (1463-6786), 2008, Vol 76, Issue 4, p464
- ISSN
1463-6786
- Publication type
Article
- DOI
10.1111/j.1467-9957.2008.01070.x