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Penélope Pacheco-López

Kaldor's first law of growth posits a positive causal relation between the growth of manufacturing output and the growth of GDP due to static and dynamic returns to scale in manufacturing and rising productivity outside the manufacturing sector as resources are transferred from diminishing returns activities. In an open economy, however, the Kaldor first law of growth is open to another interpretation because it is apparent across countries that there is a close association between manufacturing output growth and export growth, and between export growth and GDP growth. Results are presented for 89 developing countries over the period 1990–2011, also distinguishing between low income, lower-middle income and upper-middle income countries, and between the continents of Africa, Asia and Latin America.

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A. P. Thirlwall and Penélope Pacheco-López

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A. P. Thirlwall and Penélope Pacheco-López

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A. P. Thirlwall and Penélope Pacheco-López

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A. P. Thirlwall and Penélope Pacheco-López

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A. P. Thirlwall and Penélope Pacheco-López

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A. P. Thirlwall and Penélope Pacheco-López

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A. P. Thirlwall and Penélope Pacheco-López

This book argues that orthodox theory is based on many unreal assumptions, and that there are sound economic arguments for selective protection of industrial activities in the early stages of economic development. The historical evidence of the now-developed countries also illustrates this fact.