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MODIFICATION OF THE FEL'DMAN GROWTH ...

OH, YONG-SUK.

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MODIFICATION OF THE FEL'DMAN GROWTH MODEL AND ITS THEORETICAL AND POLICY REFLECTION IN THE CHINESE ECONOMY, 1953-1980.

Record Type:	Electronic resources : Monograph/item
Title/Author:	MODIFICATION OF THE FEL'DMAN GROWTH MODEL AND ITS THEORETICAL AND POLICY REFLECTION IN THE CHINESE ECONOMY, 1953-1980./
Author:	OH, YONG-SUK.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 1985,
Description:	244 p.
Notes:	Source: Dissertation Abstracts International, Volume: 46-02, Section: A, page: 4940.
Contained By:	Dissertation Abstracts International46-02A.
Subject:	Economic theory. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=8507863

MODIFICATION OF THE FEL'DMAN GROWTH MODEL AND ITS THEORETICAL AND POLICY REFLECTION IN THE CHINESE ECONOMY, 1953-1980.
OH, YONG-SUK.

MODIFICATION OF THE FEL'DMAN GROWTH MODEL AND ITS THEORETICAL AND POLICY REFLECTION IN THE CHINESE ECONOMY, 1953-1980. - Ann Arbor : ProQuest Dissertations & Theses, 1985 - 244 p.

Source: Dissertation Abstracts International, Volume: 46-02, Section: A, page: 4940.

Thesis (Ph.D.)--Indiana University, 1985.

One of the first growth models in economics was that developed by G. A. Fel'dman in the Soviet Union. That model seems to be useful in analyzing Chinese development strategy and Fel'dman-type models have been developed by Communist Chinese theorists.Subjects--Topical Terms:

1556984
Economic theory.

MODIFICATION OF THE FEL'DMAN GROWTH MODEL AND ITS THEORETICAL AND POLICY REFLECTION IN THE CHINESE ECONOMY, 1953-1980.
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035 $a (MiAaPQ)AAI8507863
035 $a AAI8507863
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100 1 $a OH, YONG-SUK. $3 3348040
245 1 0 $a MODIFICATION OF THE FEL'DMAN GROWTH MODEL AND ITS THEORETICAL AND POLICY REFLECTION IN THE CHINESE ECONOMY, 1953-1980.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 1985
300 $a 244 p.
500 $a Source: Dissertation Abstracts International, Volume: 46-02, Section: A, page: 4940.
502 $a Thesis (Ph.D.)--Indiana University, 1985.
520 $a One of the first growth models in economics was that developed by G. A. Fel'dman in the Soviet Union. That model seems to be useful in analyzing Chinese development strategy and Fel'dman-type models have been developed by Communist Chinese theorists.
520 $a The Fel'dman two-sector model has a dual objective: rapid industrialization (minimum time objective) and catching up to a maximum level of per capita consumption (overtaking criterion). This study modifies and analyzes the Fel'dman model along the above objective.
520 $a In modifying the original Fel'dman model, this dissertation introduces considerations of labor input and foreign trade. Treating labor as a necessary input makes the model more like the real economy, and is also necessary to maintain output at positive level even when the capital stock of a sector drops to zero as a result of choosing to allocate all investment to the other sector.
520 $a The lopsided investment strategy turns out to be optimal to attain Fel'dman's dual objective. That is, by the Pontryagin Maximum Principle, the optimal policy for minimum time requires all available investment to be given initially to the producer goods sector (the Fel'dman first rule strategy) and then all investment to go to the consumer goods sector (the Fel'dman second rule strategy). The second rule strategy is also optimal for the overtaking criterion. Fel'dman's idea of rapid industrialization based on the first rule strategy is applicable only to LDC's in which the capacity of the producer goods sector is too small to pursue the consumption maximization on the basis of the second rule strategy.
520 $a The Fel'dman-type growth path is strikingly illustrated in Chinese economic development for 1953-80. The Chinese planners have pursued the policy fitted to the Fel'dman first rule strategy for the purpose of catching up with the world's advanced economies in the shortest possible time.
520 $a Regression of the modified Fel'dman model with China's statistical data shows that this model fits the Chinese economic structure and policy well. However, in the test of optimal policy, the optimality based on the deterministic Pontryagin Maximum Principle does not hold due to random variables in the stochastic model.
590 $a School code: 0093.
650 4 $a Economic theory. $3 1556984
690 $a 0511
710 2 $a Indiana University. $3 960096
773 0 $t Dissertation Abstracts International $g 46-02A.
790 $a 0093
791 $a Ph.D.
792 $a 1985
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=8507863