Working Papers

1/2019. Sriket, H. and R.M.H. Suen, (2019) "Sources of Economic Growth in Models with Non-Renewable Resources," Working Paper, version 20190927, pp.1-39.

Abstract : This paper re-examines the possibility of endogenous long-term economic growth in neoclassical models with non -renewable resources. In stead of using a Cobb-Douglas production function as in most existing studies, we consider a general class of production functions in which physical capital is functionally separable from labour and natural resources. It is shown that if the elasticity of substitution between labour and resources is identical to one , then long-term economic growth is endogenous . But if this elasticity is bounded above or below by one, as suggested by empirical evidence , then long- term economic growth is determined a priori by an exogenous technological factor.

Keywords: Non-Renewable Resources; Endogenous Growth; Elasticity of Substitution.

JEL classification: O13, O41, Q32.

Full Text(PDF): na.

Replication Files: na.

1/2022. TemSUMRIT,N and H. SRIKET. (2022) "The Structural Transformation of Thailand: The Role of Policy Distortion ," Working Paper, version 20220714, pp.1-49.

Abstract :Thailand and South Korea were developing at a similar pace during the 1960s. However, South Korea's economic development rapidly expanded from the seventies onwards leaving Thailand lagging far behind. This paper investigates the labor productivity slowdown in Thailand using the nine-sector structural transformation model setting with policy distortions. Our findings suggest that the economic bewilderment of Thailand lies in a tendency towards relative labor productivity slowdowns resulting from both direct and indirect policy distortions in the agricultural sector. It has consistently been overlooked by the government in favor of the infant industrial sector for many decades. Moreover, as the agricultural sector involves a relatively considerable share of the employment, the magnitude of the negative impact from policy distortions is amplied inducing a delay in Thailand's structural transformation.

Keywords: Comparative Economic Development, Structural Transformation, Thai Economy

JEL classification: O1, O4

Full Text(PDF): na.

Replication Files: na.

1/2024. SRIKET, H. (2024) "Exploring Transitional and Asymptotic Impacts of Subsistence Consumption on Wealth Inequality in an AK Growth Model ," Working Paper, version 20241018, pp.1-10.

Abstract :This study analytically examines an AK model with heterogeneous agents - differentiated by their rates of time preference and intertemporal elasticity of substitution - to explore how the introduction of a subsistence level of consumption can mitigate wealth inequality during the transitional dynamics toward an asymptotic balanced growth path. The mechanism driving this result is that subsistence consumption induces a time-varying intertemporal elasticity of substitution, which alters individuals’ lifetime consumption allocation decisions. Specifically, it encourages all agents to favor current consumption, with the wealth-dominating agent being the most affected. As a result, wealth distribution becomes more egalitarian during the transition. However, this more equitable distribution does not persist in the long run, as the impact of subsistence needs diminishes once wealth reaches sufficiently high levels.

Keywords: Economic Growth, AK Model, Wealth Distribution, Subsistence Consumption, Heterogeneous Agents

JEL classification: O41, D31, D91, E21

Full Text(PDF): na.

Replication Files: na.

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