A general equilibrium model with consumer-producers, economies of specialization, and transaction costs is developed to explain the land price differential between the urban and rural areas by evolution in division of labor. It shows that as transaction conditions are improved, the equilibrium network of division of labor expands, the land price differential between the urban and rural areas increases, relative per capita consumption of land in the urban and rural areas decreases, and the productivity of all goods and per capita real income increase.
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Paper provided by Harvard - Institute for International Development in its series Papers with number
639.
Length: 32 pages Date of creation: 1998 Date of revision: Handle: RePEc:fth:harvid:639
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Find related papers by JEL classification: D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models