Prices and the impact of the industry in the economic growth: the cases of England (1770-1840) and Colombia (1923-1998)
AbstractThe industrial development could be an engine of economic growth through several mechanisms. In this essay we analyzed only one of them: the decline of the industrial prices because of the technical change. We designed an equilibrium model of economic growth, and look at the theoretical predictions of this model for the case of a technical change in the manufacturing (one of the two sectors) leading a process of industrial price reductions and accelerated economic growth. The empirical evidence from the English Industrial Revolution (1770-1840) is pretty well interpreted with our model. In the Colombian case (1923-1998), by contrast, the evidence does not support the hypothesis that the mentioned mechanism was an important, and always in motion, engine of growth
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Bibliographic InfoArticle provided by Universidad de Antioquia, Departamento de Economía in its journal LECTURAS DE ECONOMÍA.
Volume (Year): (2008)
Issue (Month): 69 (Julio-Diciembre)
Postal: Lecturas de Economía, Departamento de Economía, Calle 67, 53-108, Medellin 050010, Colombia.
Find related papers by JEL classification:
- L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
- O14 - Economic Development, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
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