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Growth Over the Very Long-Run: Implications of a Specific Factors Model of Economic Development With Endogenous Technological Change

Caspari, Volker and Eschenhof-Kammer, Sabine and Pertz, Klaus (2012):
Growth Over the Very Long-Run: Implications of a Specific Factors Model of Economic Development With Endogenous Technological Change.
Darmstadt, In: Darmstadt Discussion Papers in Economics, [Report]

Abstract

We use the two-sector specific factors model, which is known from the theory of international trade, in a growth context to describe major trends of long-run economic development. The endogenous technical progress functions establish the link between the agricultural and the manufacturing sector through the ratio of agricultural to total employment, which is determined by the savings propensities of wage-earners, landlords and capitalists, and by the investment ratio in manufacturing. Without reference to more complicated micro-based models of human capital accumulation highlighting changes in preferences of households and/ or shifts in attitudes of firms towards education, the calibrated two-sector specific factors model can replicate major historical trends and structural turnarounds.

Item Type: Report
Erschienen: 2012
Creators: Caspari, Volker and Eschenhof-Kammer, Sabine and Pertz, Klaus
Title: Growth Over the Very Long-Run: Implications of a Specific Factors Model of Economic Development With Endogenous Technological Change
Language: English
Abstract:

We use the two-sector specific factors model, which is known from the theory of international trade, in a growth context to describe major trends of long-run economic development. The endogenous technical progress functions establish the link between the agricultural and the manufacturing sector through the ratio of agricultural to total employment, which is determined by the savings propensities of wage-earners, landlords and capitalists, and by the investment ratio in manufacturing. Without reference to more complicated micro-based models of human capital accumulation highlighting changes in preferences of households and/ or shifts in attitudes of firms towards education, the calibrated two-sector specific factors model can replicate major historical trends and structural turnarounds.

Series Name: Darmstadt Discussion Papers in Economics
Volume: 215
Place of Publication: Darmstadt
Uncontrolled Keywords: Economic growth, technical change, distribution of income, Industrial Revolution
Divisions: 01 Department of Law and Economics
01 Department of Law and Economics > Volkswirtschaftliche Fachgebiete
01 Department of Law and Economics > Volkswirtschaftliche Fachgebiete > Economic Theory
Date Deposited: 23 Nov 2012 14:04
Additional Information:

JEL classification: E13, N1, O41

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