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The Dynamics of Smithian Growth

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  • Kelly, Morgan

Abstract

This paper analyzes the evolution of an economy where growth is driven by increased specialization caused by the geographical expansion of markets. It proves that such Smithian growth exhibits generic threshold behavior. Below a critical density of transport linkages, the economy is split into isolated local markets with limited specialization. Above the critical density, these markets begin to fuse into a large, economywide market causing growth to accelerate. This allows an explicit test of the consensus among historians of Sung dynasty China that the economic revolution during that period was a result of commercialization caused by the creation of a national waterway network. Copyright 1997, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Bibliographic Info

Article provided by MIT Press in its journal Quarterly Journal of Economics.

Volume (Year): 112 (1997)
Issue (Month): 3 (August)
Pages: 939-64
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Handle: RePEc:tpr:qjecon:v:112:y:1997:i:3:p:939-64

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Cited by:
  1. Aiyar, Shekhar & Dalgaard, Carl-Johan & Moav, Omer, 2006. "Technological Progress and Regress in Pre-Industrial Times," CEPR Discussion Papers 5454, C.E.P.R. Discussion Papers.
  2. Jeffrey D. Sachs & Xiaokai Yang, 1999. "Gradual Spread of Market-Led Industrialization," CID Working Papers 11, Center for International Development at Harvard University.
  3. Baldwin, Richard E. & Martin, Philippe & Ottaviano, Gianmarco I.P., 1998. "Global Income Divergence, Trade and Industrialisation: The Geography of Growth Take-Offs," Working Paper Series 496, Research Institute of Industrial Economics.
  4. Jean Imbs & Romain Wacziarg, 2003. "Stages of Diversification," American Economic Review, American Economic Association, vol. 93(1), pages 63-86, March.
  5. Blume,L.E. & Durlauf,S.N., 2005. "Identifying social interactions : a review," Working papers 12, Wisconsin Madison - Social Systems.
  6. Edgar Morgenroth, 2003. "What should Policy Makers Learn from Recent Advances in Growth Theory and New Economic Geography?," Papers WP150, Economic and Social Research Institute (ESRI).
  7. Brock,W.A. & Durlauf,S.N., 2005. "Social interactions and macroeconomics," Working papers 5, Wisconsin Madison - Social Systems.
  8. Gregg Huff, 2007. "Globalization, Natural Resources and Foreign Investment: A View from the Resource-Rich Tropics," Working Papers 2007_16, Business School - Economics, University of Glasgow.
  9. Desmet, Klaus & Parente, Stephen L., . "The Evolution of Markets and the Revolution of Industry: A Quantitative Model of England’s Development, 1300-2000," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/4808, Universidad Carlos III de Madrid.
  10. Canning, David & Bennathan, Esra, 2000. "The social rate of return on infrastructure investments," Policy Research Working Paper Series 2390, The World Bank.
  11. BEHRENS, Kristian, 2004. "Population growth and manufacturing real wages in 18th century England: a spatial perspective," CORE Discussion Papers 2004025, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  12. Groot, H.L.F. de, 1998. "Macroeconomic Consequences of Outsourcing. An Analysis of Growth, Welfare and Product Variety," Discussion Paper 1998-43, Tilburg University, Center for Economic Research.
  13. Robert Cromley & Dean Hanink, 2008. "Population growth and the development of a central place system," Journal of Geographical Systems, Springer, vol. 10(4), pages 383-405, December.

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