The Remarkable Durability of Thirlwall’s Law

Abstract

This chapter contemplates the robustness of Thirlwall’s Law, a parsimonious expression that relates long-run equilibrium growth in any one region to the product of world income growth and the ratio of the income elasticities of demand for exports and imports.* Various extensions of the balance of payments constrained growth model from which Thirlwall’s Law is derived are examined. In each case, Thirlwall’s Law is shown to reassert itself as a good approximation of the equilibrium growth rate. It is hypothesized that this robustness helps explain the widespread empirical success of Thirlwall’s Law. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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