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Thirlwall's Law at 40 (Hardcover)
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Thirlwall's Law at 40 (Hardcover)
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2019 marked the 40th anniversary of the publication of Anthony P.
Thirlwall's classic paper that laid out what became known as
Thirlwall''s law. This article introduced and provided empirical
evidence in favor of the proposition that the long-run rate of
growth of an economy compatible with balance-of-payments
equilibrium can be approximated by the simple rule of the ratio of
the growth of exports to the income elasticity of demand for
imports. Thirlwall's law provides a theoretical underpinning for
several of the arguments traditionally espoused by the heterodox
followers of Keynes. In addition, Thirlwall's law can also be
viewed as a guide to policy-making. It has spurred a rich research
agenda at both the theoretical and empirical levels. Theoretically
the core model has been extended to include the different
components of the current account of the balance of payments.
Empirically, it has withstood the test of time and has been
corroborated, with perhaps a few exceptions, for a variety of
developed and developing countries under different historical
contexts and different periods of time. This re-release of the
special issue of the Review of Keynesian Economics brings together
experts and researchers to present the latest developments and
debates on Thirlwall's law. Students, economists and policy makers
will find this volume enlightening.
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