This paper derives a balance-of-payments equilibrium growth rate analogous to Thirlwall's Law from a Pasinettian multi-sector macrodynamic framework. The resulting formula, which we call the Multi-Sectoral Thirlwall's Law, asserts that a country's growth rate of per capita income is directly...

This paper addresses two puzzles in international trade, namely why traditional estimates of income elasticities of exports are implausibly high and why export growth varies much more markedly across countries than can be explained by changes in price competitiveness and variations in income...