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On the Organization of Rural Markets and the Process of Economic Development

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  • Drazen, Allan
  • Eckstein, Zvi

Abstract

The authors consider how the organization of rural markets will affect capital accumul ation and long-run aggregate income in the development process. They show that in a simple, dual economy, overlapping-generations model, c apital accumulation and aggregate income will be lowest when both fac tor markets in the agricultural sector are fully competitive. Both ca pital and aggregate income will be higher when land is not traded but the labor market is competitive, and highest in the absence of compe titive markets in both factors in the agricultural sector, when incom e distribution favors rural workers over landlords. Copyright 1988 by American Economic Association.

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Bibliographic Info

Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 78 (1988)
Issue (Month): 3 (June)
Pages: 431-43

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Handle: RePEc:aea:aecrev:v:78:y:1988:i:3:p:431-43

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Cited by:
  1. Bencivenga, Valerie R & Smith, Bruce D, 1997. "Unemployment, Migration, and Growth," Journal of Political Economy, University of Chicago Press, vol. 105(3), pages 582-608, June.
  2. Jordan Rappaport & Jeffrey D. Sachs, 2001. "The U.S. as a coastal nation," Research Working Paper RWP 01-11, Federal Reserve Bank of Kansas City.
  3. Bertocchi, Graziella, 2003. "The Law of Primogeniture and the Transition from Landed Aristocracy to Industrial Democracy," CEPR Discussion Papers 3723, C.E.P.R. Discussion Papers.
  4. Skinner, Jonathan, 1989. "Housing wealth and aggregate saving," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 305-324, May.
  5. Gersbach, Hans & Siemers, Lars-H. R., 2010. "Land Reforms And Economic Development," Macroeconomic Dynamics, Cambridge University Press, vol. 14(04), pages 527-547, September.
  6. Love, David R. F., 1997. "A dynamic general equilibrium model of industrialization when manufactures are unnecessary," Journal of Development Economics, Elsevier, vol. 54(2), pages 357-385, December.
  7. Monchuk, Daniel C. & Miranowski, John A., 2002. "The Effect Of Innovative Behavior And Technological Spillovers On Employment Growth In The Us Midwest," 2002 Annual meeting, July 28-31, Long Beach, CA 19773, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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