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Inequality, openness, and growth through creative destruction

Author

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  • Schetter, Ulrich
  • Schneider, Maik T.
  • Jäggi, Adrian

Abstract

We examine how inequality and openness interact in shaping the long-run growth prospects of developing countries. To this end, we develop a Schumpeterian growth model with heterogeneous households and non-homothetic preferences for quality. We show that inequality affects growth very differently in an open economy as opposed to a closed economy: If the economy is close to the technological frontier, the positive demand effect of inequality on growth found in closed-economy models may be amplified by international competition. In countries with a larger distance to the technology frontier, however, rich households satisfy their demand for high quality via importing, and the effect of inequality on growth is smaller than in a closed economy and may even be negative. In such case trade gives rise to the endogenous emergence of a ‘dual economy’ where some domestic sectors are highly innovative while others are lagging behind.

Suggested Citation

  • Schetter, Ulrich & Schneider, Maik T. & Jäggi, Adrian, 2024. "Inequality, openness, and growth through creative destruction," Journal of Economic Theory, Elsevier, vol. 222(C).
    • Handle: RePEc:eee:jetheo:v:222:y:2024:i:c:s0022053124000930
    DOI: 10.1016/j.jet.2024.105887
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    More about this item

    Keywords

    Dual economy; Dutch disease; Economic development; Inequality; Non-homothetic preferences; Small open economy;
    All these keywords.

    JEL classification:

    • D30 - Microeconomics - - Distribution - - - General
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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