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• W1953430510 abstract "Motivated by four stylized facts about industry dynamics, we propose a theory of endowment-driven structural change by developing a tractable growth model with infinite industries. The aggregate economy in the model still follows the Kaldor facts, but the composition of the underlying industries changes endogenously over time. Each industry exhibits a hump-shaped life cycle: as capital reaches a certain threshold level, a new industry appears, prospers, and then declines, to be gradually replaced by a more capital-intensive industry, ad infinitum. Analytical solutions are obtained to characterize the life cycle of each industry and the perpetual structural change." @default.
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• W1953430510 date "2015-11-01" @default.
• W1953430510 modified "2023-10-01" @default.
• W1953430510 title "Endowment structures, industrial dynamics, and economic growth" @default.
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• W1953430510 doi "https://doi.org/10.1016/j.jmoneco.2015.09.006" @default.
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