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Thirlwall’s Law in Historical Context

Thursday, February 9, 2017 1:15
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(Before It's News)

by Philip Pilkington

Fixing the Economists Article of the Week

There has been some reticence on the blogs to discuss Thirlwall’s Law and I myself have also been somewhat reluctant to deal with it in any great detail (although I did hint at some problems with it in this post). I think it might be worth discussing it in more depth, however, because I think that the model it is based on is actually quite interesting – albeit misleading. I will rely for this exposition on a very succinct account of the model in a recent paper by Thirlwall entitled Kaldor’s 1970 Regional Growth Model Revisited.

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Source: http://econintersect.com/a/blogs/blog1.php/thirlwall-s-law-in-historical

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