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Growth Over the Very Long-Run: Implications of a Specific Factors Model of Economic Development With Endogenous Technological Change

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  • Caspari, Volker
  • Eschenhof-Kammer, Sabine
  • Pertz, Klaus

Abstract

We use the two-sector specific factors model, which is known from the theory of international trade, in a growth context to describe major trends of long-run economic development. The endogenous technical progress functions establish the link between the agricultural and the manufacturing sector through the ratio of agricultural to total employment, which is determined by the savings propensities of wage-earners, landlords and capitalists, and by the investment ratio in manufacturing. Without reference to more complicated micro-based models of human capital accumulation highlighting changes in preferences of households and/ or shifts in attitudes of firms towards education, the calibrated two-sector specific factors model can replicate major historical trends and structural turnarounds.

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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 59638.

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Date of creation: 01 Nov 2012
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Publication status: Published in Darmstadt Discussion Papers in Economics . 215 (2012-11-01)
Handle: RePEc:dar:ddpeco:59638

Note: for complete metadata visit http://tubiblio.ulb.tu-darmstadt.de/59638/
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Keywords: Economic growth; technical change; distribution of income; Industrial Revolution;

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