La Ley de Thirlwall: una lectura crítica

Abstract

This article is an empirical and theoretical critique of the Post-Keynesian model of economic growth known as Thirlwall's Law. On the empirical front, the critique shows that econometric exercises prove that in the long-run exports and imports grow at an approximately equal rate. With respect to the theoretical consistency of the law, a model of an open economy is built to examine the role of external demand and supply factors in determining a country's exports considering the case of small and large economies.This distinction allows matching the results of the law with the demand approach in it and shows that the law is ineffective in small economies.