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Growth, economic structure, and residential distribution of a small city

Content Provider	Springer Nature Link
Author	Zhang, Wei Bin
Copyright Year	2009
Abstract	This article presents a growth model of a small open city with economic structure and geography. The city which is located along a line segment has three, industrial, services and housing, sectors. The spatial growth model of a small city synthesizes the main ideas in some important models in the neoclassical growth theory, urban economics, and the literature of economic growth of small open economies. We show that the dynamic system has a unique equilibrium. We also simulate the motion of the urban economy over time and space. The unique feature of our approach is to treat production activities, economic structure, residential distribution, capital accumulation, and consumption on the basis of microeconomic mechanism as an integrated whole. Our simulation provides some important insights into the processes of the urban economic growth. For instance, under certain conditions, when the industrial sector’s productivity is increased, the wage rate, price of services, capital intensities of the services and industrial sectors, and per-worker output levels of the two sectors are increased. The total labor supply, the capital stocks employed by the three sectors and the labor forces by the service and industrial sectors are all increased. The shares of the three sectors are not affected by the technological change in the long term, even though the shares are initially affected. The per capita consumption level of the industrial goods rises and the consumption level of services falls. The land and housing rents are increased and the consumption of housing per household falls. Moreover, the current account balance tends to be more in surplus and the growth rate is increased.
Starting Page	47
Ending Page	78
Page Count	32
File Format	PDF
ISSN	18651704
Journal	International Review of Economics
Volume Number	57
Issue Number	1
e-ISSN	18634613
Language	English
Publisher	Springer-Verlag
Publisher Date	2009-12-18
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Small city Economic structure Economic geography Capital accumulation Solow’s growth model Uzawa’s two-sector growth model Alonso’s urban model Muth’s housing model Economics general
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance

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