Picture of smart phone in human hand

World leading smartphone and mobile technology research at Strathclyde...

The Strathprints institutional repository is a digital archive of University of Strathclyde's Open Access research outputs. Strathprints provides access to thousands of Open Access research papers by University of Strathclyde researchers, including by Strathclyde researchers from the Department of Computer & Information Sciences involved in researching exciting new applications for mobile and smartphone technology. But the transformative application of mobile technologies is also the focus of research within disciplines as diverse as Electronic & Electrical Engineering, Marketing, Human Resource Management and Biomedical Enginering, among others.

Explore Strathclyde's Open Access research on smartphone technology now...

Balance of payments constrained growth - a rejoinder to Professor Thirlwall

McGregor, P.G. and Swales, J.K. (1986) Balance of payments constrained growth - a rejoinder to Professor Thirlwall. Applied Economics, 18 (12). pp. 1265-1274. ISSN 0003-6846

Full text not available in this repository. (Request a copy from the Strathclyde author)

Abstract

Professor Thirlwall has argued that the growth rate of a country is constrained by the requirement that the external current account must broadly balance. He maintains that a country's growth can be analysed using a dynamic Harrod trade multiplier, and that a country's long-run growth rate (y) will approximate to the ratio of the rate of growth of exports (X) to the income elasticity of demand for imports (A): In a recent article in this journal (McGregor and Swales, 1985), doubts were expressed about the theoretical and empirical grounds on which Thirlwall makes these claims. In his reply, Thirlwall argues that such doubts are unfounded. He clarifies his theory on a number of points. He argues that his theory was subjected to inappropriate empirical tests. And whilst accepting that Equation 1 can be derived from a strict neoclassical model, he invites the reader to choose between the plausibility of the neoclassical story, as against the Keynesian alternative.