Econometrica: Sep 1971, Volume 39, Issue 5

Development Strategy for a Medium-Sized Economy

https://doi.org/0012-9682(197109)39:5<773:DSFAME>2.0.CO;2-8
p. 773-795

Morris Teubal

In this paper an analysis of optimum structural change and optimum trade policies for a developing economy is carried out in the context of a neoclassical three-sector open model of economic growth. The sectors are agriculture, light industry, and heavy industry, and the conditions for "staged" and "direct" patterns of development are derived. Some implications of a foreign exchange bottleneck are also derived.

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