This paper constructs a small open two-sector overlapping-generations model with the subsistence level of consumption of agricultural goods and explains the following key stylized facts in the process of economic development: increases followed by declines in fertility rate, increases in human capital investment for children, and a sectorial shift in labor from agriculture to manufacture.
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Article provided by Economics Bulletin in its journal Economics Bulletin.
Find related papers by JEL classification: J1 - Labor and Demographic Economics - - Demographic Economics O1 - Economic Development, Technological Change, and Growth - - Economic Development
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