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Unified Growth Based on the Specific Factors Model

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  • Caspari, Volker
  • Pertz, Klaus
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    Abstract

    The two-sector specific factor model is typically used in the theory of international trade where it helps to clarify the principle of comparative advantage. Instead, we use this model as explicit theoretical framework to explain major trends of long-run economic development. Combined with endogenous technical progress functions which assume that knowledge accumulates as a by-product of agricultural and manufacturing experience, the two-sector specific factors model can explain major historical trends and structural turnarounds. The technical progress functions establish the link between the agricultural and the manufacturing sector through the land-labour ratio, which is determined by the savings propensities of wage-earners, landlords and capitalists. This result is achieved by making use of the traditional investment = savings condition, without reference to complicated micro-based models of human capital accumulation.

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    Bibliographic Info

    Paper provided by Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL) in its series Darmstadt Discussion Papers in Economics with number 35697.

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    Date of creation: 01 Aug 2008
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    Publication status: Published in Darmstadt Discussion Papers in Economics . 193 (2008-08-01)
    Handle: RePEc:dar:ddpeco:35697

    Note: for complete metadata visit http://tubiblio.ulb.tu-darmstadt.de/35697/
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    Keywords: Economic development; growth; Industrial Revolution; income distribution;

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    1. Kevin O’rourke & Jeffrey Williamson, 2005. "From Malthus to Ohlin: Trade, Industrialisation and Distribution Since 1500," Journal of Economic Growth, Springer, Springer, vol. 10(1), pages 5-34, 01.
    2. Oded Galor & Andrew Mountford, 2006. "Trade and the Great Divergence: The Family Connection," American Economic Review, American Economic Association, American Economic Association, vol. 96(2), pages 299-303, May.
    3. Gary D. Hansen & Edward C. Prescott, 1999. "Malthus to Solow," Staff Report, Federal Reserve Bank of Minneapolis 257, Federal Reserve Bank of Minneapolis.
    4. Hans-Joachim Voth, 2003. "Living Standards During the Industrial Revolution: An Economist's Guide," American Economic Review, American Economic Association, American Economic Association, vol. 93(2), pages 221-226, May.
    5. Kremer, Michael, 1993. "Population Growth and Technological Change: One Million B.C. to 1990," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 108(3), pages 681-716, August.
    6. Broadberry, Stephen N & Gupta, Bishnupriya, 2005. "The Early Modern Great Divergence: Wages, Prices and Economic Development in Europe and Asia, 1500-1800," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4947, C.E.P.R. Discussion Papers.
    7. Holger Strulik & Jacob Weisdorf, 2008. "Population, food, and knowledge: a simple unified growth theory," Journal of Economic Growth, Springer, Springer, vol. 13(3), pages 195-216, September.
    8. N. F. R. Crafts & C. K. Harley, 1992. "Output growth and the British industrial revolution: a restatement of the Crafts-Harley view," Economic History Review, Economic History Society, Economic History Society, vol. 45(4), pages 703-730, November.
    9. David N. Weil & Oded Galor, 2000. "Population, Technology, and Growth: From Malthusian Stagnation to the Demographic Transition and Beyond," American Economic Review, American Economic Association, American Economic Association, vol. 90(4), pages 806-828, September.
    10. Goodfriend, Marvin & McDermott, John, 1995. "Early Development," American Economic Review, American Economic Association, American Economic Association, vol. 85(1), pages 116-33, March.
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