Baumol’s Model and Unbalanced Productivity Growth: Does Baumol’s disease exist in China in a time of robotisation and automation?

Baumol's unbalanced growth model predicts the tendency of aggregate productivity growth to slow down in the process of tertiarisation. This thesis studies the relationship between employment structural changes and aggregate productivity growth in the case of China. William Nordhaus’s (2008) testing methodology will be applied to the China...

The New Normal: Demand, Secular Stagnation, and the Vanishing Middle Class

The U.S. economy is widely diagnosed with two “diseases”: a secular stagnation of potential U.S. growth and rising income and job polarization. The two diseases have a common root in the demand shortfall, originating from the “unbalanced” growth between technologically “dynamic” and “stagnant” sectors. To understand how the short-run demand...