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Capital Substitution in an Industrial Revolution

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  • Staley, Mark
  • Berg, Peter

Abstract

A unified growth model is presented in which productivity growth is driven by learning-by-doing. We show that the growth rate of productivity is an increasing function of the share of capital. It is assumed that the industrial sector has a higher capital share than the agricultural sector and that the ability to substitute one output for the other slowly rises over time. Two distinct regimes of constant growth emerge, connected by a rapid transition in which the growth rates of population and income increase by an order of magnitude, indicative of simultaneous agricultural and industrial revolutions.

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File URL: http://mpra.ub.uni-muenchen.de/43605/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40530.

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Date of creation: 30 Jun 2012
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Handle: RePEc:pra:mprapa:40530

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Keywords: Growth; Industrial Revolution; Capital; Substitution;

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  1. Galor, Oded & Moav, Omer, 2001. "Natural Selection and the Origin of Economic Growth," CEPR Discussion Papers 2727, C.E.P.R. Discussion Papers.
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  3. Quamrul Ashraf & Oded Galor, 2011. "Dynamics and Stagnation in the Malthusian Epoch," NBER Working Papers 17037, National Bureau of Economic Research, Inc.
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  6. 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, vol. 90(4), pages 806-828, September.
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  8. Jacob L. Weisdorf, 2004. "From Domestic Manufacture to Industrial Revolution: Long-Run Growth and Agrucultural Development," Discussion Papers 04-06, University of Copenhagen. Department of Economics.
  9. Allen, Robert C., 1983. "Collective invention," Journal of Economic Behavior & Organization, Elsevier, vol. 4(1), pages 1-24, March.
  10. Broadberry, Stephen; Campbell, Bruce; Klein, Alexander; Overton, Mark; Van Leeuwen, Bas., 2010. "English Economic Growth: 1270 - 1870," CAGE Online Working Paper Series 35, Competitive Advantage in the Global Economy (CAGE).
  11. S. Illeris & G. Akehurst, 2002. "Introduction," The Service Industries Journal, Taylor & Francis Journals, vol. 22(1), pages 1-3, January.
  12. Oded Galor, 2005. "Unified Growth Theory," Development and Comp Systems 0504001, EconWPA.
  13. Allen, Robert C., 2001. "The Great Divergence in European Wages and Prices from the Middle Ages to the First World War," Explorations in Economic History, Elsevier, vol. 38(4), pages 411-447, October.
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