Increasing Returns in Industry and the Role of Agriculture in Growth
Despite diminishing returns in agriculture, the production of food is not a binding constraint on growth in industrialized countries. A model is constructed in which growth is associated with a movement of labor out of agriculture and into industry, where increasing returns prevail. If the increasing returns are large enough, long-run growth can be sustained by the production of even cheaper farm machinery. However, there may be a take-off problem if the economy starts near subsistence; it may be impossible to feed workers who move into industry in the periods before their output leads to greate r food production. Copyright 1988 by Royal Economic Society.
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Volume (Year): 40 (1988)
Issue (Month): 3 (September)
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- Costabile, Lilia & Rowthorn, Bob, 1985. "Malthus's Theory of Wages and Growth," Economic Journal, Royal Economic Society, vol. 95(378), pages 418-37, June.
- Kaldor, Nicholas [Lord], 1976. "Inflation and Recession in the World Economy," Economic Journal, Royal Economic Society, vol. 86(344), pages 703-14, December.
- Nicholas Kaldor, 1975. "What is Wrong with Economic Theory," The Quarterly Journal of Economics, Oxford University Press, vol. 89(3), pages 347-357.
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