Improvements in Agriculture in Ricardo's Essay on Profits
A formal model is developed in which there is endogenous improvements in agriculture through increased specialization in the development of intermediate inputs. The author obtains long-run endogenous growth in this classical model. Ricardo's political economy argument that in the process of growth--due to improvements in agriculture--land rents decline while the rate of profit rises, so that the interests of landlords and capitalists are opposed, is shown not to hold in this model. Instead, due to increased specialization in the intermediate good sector, a form of increasing returns arises that raises land rents while also raising the profit rate. Copyright 1993 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Volume (Year): 61 (1993)
Issue (Month): 4 (December)
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