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Increasing Returns, Industrialization, and Indeterminacy of Equilibrium
Abstract
This paper asks whether adjustment processes over real time help to "select" the long-run outcome in a model of industrialization, where multiple stationary states exist because of increasing returns in the manufacturing sector. "History" alone cannot in general determine where the economy will end up. Self-fulfilling expectations often make the escape from the state of preindustrialization (the takeoff) possible. The global bifurcation technique is used to determine when an underdevelopment trap exists and when a takeoff path exists. The role of government policy and agricultural productivity in industrialization are then considered.
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Citations
Cited by
Persistence of power, Elites, and institutions
Acemoglu, D., & Robinson, J. A. (2008) · American Economic Review · doi:10.1257/aer.98.1.267 · Cited by 1,268
The U.S. Structural Transformation and Regional Convergence: A Reinterpretation
Caselli, F., & Coleman II, W. J. (2001) · Journal of Political Economy · doi:10.1086/321015 · Cited by 632
Agglomeration in the Global Economy: A Survey of the ‘New Economic Geography’
Ottaviano, G. I. P., & Puga, D. (1998) · The World Economy · doi:10.1111/1467-9701.00160 · Cited by 606
Trade, Foreign Investment, and Industrial Policy for Developing Countries*
Harrison, A., & Rodríguez-Clare, A. (2010) · Handbook of Development Economics · doi:10.1016/b978-0-444-52944-2.00001-x · Cited by 595
The Rise of Mass Consumption Societies
Matsuyama, K. (2002) · Journal of Political Economy · doi:10.1086/341873 · Cited by 270
Self-citation
Metadata
- Authors
- Matsuyama, K.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1991-05
- Volume
- 106
- Issue
- 2
- Pages
- 617
- ISSN
- 0033-5533 (ISSN-L)
- OpenAlex
- W1577304365
- Cited by
- 694
- References
- 0
- FWCI
- 40.92
- Type
- journal article
- Language
- en
- Open access
- closed
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- Matsuyama, K. (1991). Increasing Returns, Industrialization, and Indeterminacy of Equilibrium. The Quarterly Journal of Economics. https://doi.org/10.2307/2937949
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
