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Unified Growth Based on the Specific Factors Model

Caspari, Volker ; Pertz, Klaus :
Unified Growth Based on the Specific Factors Model.
[Online-Edition: http://econstor.eu/bitstream/10419/32055/1/588004847.PDF]
In: Darmstadt Discussion Papers in Economics , 193 . Darmstadt
[Report], (2008)

Offizielle URL: http://econstor.eu/bitstream/10419/32055/1/588004847.PDF

Kurzbeschreibung (Abstract)

The two-sector specific factor model is typically used in the theory of international trade where it helps to clarify the principle of comparative advantage. Instead, we use this model as explicit theoretical framework to explain major trends of long-run economic development. Combined with endogenous technical progress functions which assume that knowledge accumulates as a by-product of agricultural and manufacturing experience, the two-sector specific factors model can explain major historical trends and structural turnarounds. The technical progress functions establish the link between the agricultural and the manufacturing sector through the land-labour ratio, which is determined by the savings propensities of wage-earners, landlords and capitalists. This result is achieved by making use of the traditional investment = savings condition, without reference to complicated micro-based models of human capital accumulation.

Typ des Eintrags: Report
Erschienen: 2008
Autor(en): Caspari, Volker ; Pertz, Klaus
Titel: Unified Growth Based on the Specific Factors Model
Sprache: Englisch
Kurzbeschreibung (Abstract):

The two-sector specific factor model is typically used in the theory of international trade where it helps to clarify the principle of comparative advantage. Instead, we use this model as explicit theoretical framework to explain major trends of long-run economic development. Combined with endogenous technical progress functions which assume that knowledge accumulates as a by-product of agricultural and manufacturing experience, the two-sector specific factors model can explain major historical trends and structural turnarounds. The technical progress functions establish the link between the agricultural and the manufacturing sector through the land-labour ratio, which is determined by the savings propensities of wage-earners, landlords and capitalists. This result is achieved by making use of the traditional investment = savings condition, without reference to complicated micro-based models of human capital accumulation.

Reihe: Darmstadt Discussion Papers in Economics
Band: 193
Ort: Darmstadt
Freie Schlagworte: Economic development, growth, Industrial Revolution, income distribution
Fachbereich(e)/-gebiet(e): 01 Fachbereich Rechts- und Wirtschaftswissenschaften
01 Fachbereich Rechts- und Wirtschaftswissenschaften > Volkswirtschaftliche Fachgebiete > Fachgebiet Wirtschaftstheorie
01 Fachbereich Rechts- und Wirtschaftswissenschaften > Volkswirtschaftliche Fachgebiete
Hinterlegungsdatum: 26 Aug 2009 08:19
Offizielle URL: http://econstor.eu/bitstream/10419/32055/1/588004847.PDF
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JEL - Classification : E13, N1, O4

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