{"title":"THIRLWALL’S LAW AND NEW-DEVELOPMENTALISM: WHAT ARE THE LIMITS FOR LONG-RUN GROWTH?","authors":"José Luis Oreiro","doi":"10.22201/fe.01851667p.2023.326.86496","DOIUrl":null,"url":null,"abstract":"The aim of this article is to argue that New-Developmentalism —understood as an approach to the deep determinants of economic development in which macroeconomic policy regime has a key role in explaining the long-term growth differentials among countries, notably middle-income countries— is not incompatible with Balance of Payments Constrained Growth models pioneered and developed by Professor Thirlwall, but can be considered an extension and improvement of such a class of models in order to incorporate structural change induced by exchange rate overvaluation as the main limit of long-run growth for middle-income dual economies, thereby explaining the so-called middle-income trap.","PeriodicalId":44170,"journal":{"name":"Investigacion Economica","volume":null,"pages":null},"PeriodicalIF":0.6000,"publicationDate":"2023-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Investigacion Economica","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.22201/fe.01851667p.2023.326.86496","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
The aim of this article is to argue that New-Developmentalism —understood as an approach to the deep determinants of economic development in which macroeconomic policy regime has a key role in explaining the long-term growth differentials among countries, notably middle-income countries— is not incompatible with Balance of Payments Constrained Growth models pioneered and developed by Professor Thirlwall, but can be considered an extension and improvement of such a class of models in order to incorporate structural change induced by exchange rate overvaluation as the main limit of long-run growth for middle-income dual economies, thereby explaining the so-called middle-income trap.
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It is a specialized journal, bilingual (Spanish and English), plural and critical, which accepts and publishes scientific research articles in national and international economy. It is considered a public good that belongs to the University and society. Its vocation is to analyze the evolution of the theoretical and practical economics. In its pages the paradigms of economics, history of economic thought, the theories and debates about economic policy and its consequences, the diagnosis of the Mexican economy, the economic development of Latin America and the problems spread the world economy in general. It is a journal that does not discriminate plural none paradigm; theoretical orientation is unorthodox for epistemological reasons, not ideological preferences.
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