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New Goods and the Transition to a New Economy

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Author Info
Jeremy Greenwood
Gokce Uysal

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Abstract

The U.S. went through a remarkable structural transformation between 1800 and 2000. A precipitous decline in the importance of agricultural goods in the economy was matched by the rapid ascent of a plethora of new non-agricultural goods and services. A competitive model is presented here where consumption evolves along the extensive margin. This lessens the need to rely on satiation points, subsistence levels of consumption, and the like to explain agriculture’s demise. The analysis suggests that between 1800 and 2000 economic welfare grew by at least 1.5% a year, and may be as much as 10% annually, the exact number depending upon the metric preferred. Copyright Springer 2005

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File URL: http://hdl.handle.net/10.1007/s10887-005-1668-z
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Publisher Info
Article provided by Springer in its journal Journal of Economic Growth.

Volume (Year): 10 (2005)
Issue (Month): 2 (06)
Pages: 99-134
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Handle: RePEc:kap:jecgro:v:10:y:2005:i:2:p:99-134

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Web page: http://www.springerlink.com/link.asp?id=102931

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Related research
Keywords: technological progress; structural change; new goods; welfare indices; E13; O11; O41;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Jovanovic, Boyan & MacDonald, Glenn M, 1994. "The Life Cycle of a Competitive Industry," Journal of Political Economy, University of Chicago Press, vol. 102(2), pages 322-47, April. [Downloadable!] (restricted)
    Other versions:
  2. Laitner, John, 2000. "Structural Change and Economic Growth," Review of Economic Studies, Blackwell Publishing, vol. 67(3), pages 545-61, July.
  3. Stokey, Nancy L, 1988. "Learning by Doing and the Introduction of New Goods," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 701-17, August. [Downloadable!] (restricted)
    Other versions:
  4. Williamson Jeffrey G., 1995. "The Evolution of Global Labor Markets since 1830: Background Evidence and Hypotheses," Explorations in Economic History, Elsevier, vol. 32(2), pages 141-196, April. [Downloadable!] (restricted)
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  5. Piyabha Kongsamut & Danyang Xie & Sergio Rebelo, 2001. "Beyond Balanced Growth," IMF Working Papers 01/85, International Monetary Fund.
    Other versions:
  6. Rogerson, Richard, 1988. "Indivisible labor, lotteries and equilibrium," Journal of Monetary Economics, Elsevier, vol. 21(1), pages 3-16, January. [Downloadable!] (restricted)
  7. Gary D. Hansen & Edward C. Prescott, 2002. "Malthus to Solow," American Economic Review, American Economic Association, vol. 92(4), pages 1205-1217, September. [Downloadable!]
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  8. Gort, Michael & Klepper, Steven, 1982. "Time Paths in the Diffusion of Product Innovations," Economic Journal, Royal Economic Society, vol. 92(367), pages 630-53, September. [Downloadable!] (restricted)
  9. Robert A. Margo, 1992. "The Labor Force in the Nineteenth Century," NBER Historical Working Papers 0040, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Mark Bils, 2004. "Measuring the Growth from Better and Better Goods," NBER Working Papers 10606, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Echevarria, Cristina, 1997. "Changes in Sectoral Composition Associated with Economic Growth," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(2), pages 431-52, May.
  12. W. Michael Cox & Richard Alm, 1998. "The right stuff; America's move to mass customization," Annual Report, Federal Reserve Bank of Dallas, pages 3-26. [Downloadable!]
  13. Romer, Paul M, 1987. "Growth Based on Increasing Returns Due to Specialization," American Economic Review, American Economic Association, vol. 77(2), pages 56-62, May. [Downloadable!] (restricted)
  14. Douglas Gollin & Stephen Parente & Richard Rogerson, 2002. "The Role of Agriculture in Development," American Economic Review, American Economic Association, vol. 92(2), pages 160-164, May. [Downloadable!]
  15. Yorukoglu, Mehmet, 2000. "Product vs. process innovations and economic fluctuations," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 52(1), pages 137-163, June. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Osipian, Ararat, 2007. "Экономический Рост: Образование Как Фактор Производства
    [Economic Growth: Education as a Factor of Production]    ," MPRA Paper 7593, University Library of Munich, Germany. [Downloadable!]
  2. Mark Sanders, 2005. "Market Size or Acceleration Effects; Comparing Hy pothese s to Explain Skill Biased Technical Change," Papers on Entrepreneurship, Growth and Public Policy 2005-03, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group. [Downloadable!]
  3. E. Cristina Echevarria, 2008. "International trade and the sectoral composition of production," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(1), pages 192-206, January. [Downloadable!] (restricted)
  4. Audretsch, David B & Sanders, Mark, 2007. "Globalization and the Rise of the Entrepreneurial Economy," CEPR Discussion Papers 6247, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  5. Elizabeth M. Caucutt & Thomas F. Cooley & Nezih Guner, 2007. "The Farm, the City, and the Emergence of Social Security," NBER Working Papers 12854, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. Jeremy Greenwood & Karen A. Kopecky, 2007. "Measuring the Welfare Gain from Personal Computers," Economie d'Avant Garde Research Reports 15, Economie d'Avant Garde. [Downloadable!]
  7. Jeremy Greenwood & Karen A. Kopecky, 2007. "Measuring the Welfare Gain from Personal Computers: A Macroeconomic Approach," NBER Working Papers 13592, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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