Explaining economic growth in South Africa: a Kaldorian approach
Abstract:The share of the manufacturing sector of South Africa in GDP doubled in the two decades following World War II. The growth of this sector after 1975 however, has been modest. Nevertheless, with respect to employment and income generation, manufacturing is the leading sector in the South African economy. This study examined the growth characteristics of South Africa using the Kaldorian approach, which purports that the manufacturing sector is the engine of economic growth. Various specifications of Kaldor's three growth laws were estimated. The empirical results support the predictions of Kaldor's growth model and are comparable to similar studies done in the United Kingdom, Greece, Turkey and China.
Document Type: Research Article
Affiliations: University of KwaZulu-Natal.
Publication date: 2005-02-01
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