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Description:
This paper analyzes in a unified framework of a Lewis-Solow growth model the prospects for economic development of low income countries (LIC) as well as the possibility of being caught in a poverty trap and falling behind. By focussing on a technologically backward and stagnating LIC, it is demonstrated that this integrative approach could serve development economists as basic model and could bring an end to the separation of development economics from modern growth theory. The model shows how structural transformation works as an engine of growth. The "marriage" of two seminal models leads to the birth of a Kuznets-type curve of the rate of growth of per capita income and a proof of the possible existence of multiple steady-state equilibria with a poverty trap.