Caspari, Volker ; Eschenhof-Kammer, Sabine ; Pertz, Klaus (2012)
Growth Over the Very Long-Run: Implications of a
Specific Factors Model of Economic Development With
Endogenous Technological Change.
Report, Bibliographie
Kurzbeschreibung (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.
| Typ des Eintrags: | Report |
|---|---|
| Erschienen: | 2012 |
| Autor(en): | Caspari, Volker ; Eschenhof-Kammer, Sabine ; Pertz, Klaus |
| Art des Eintrags: | Bibliographie |
| Titel: | Growth Over the Very Long-Run: Implications of a Specific Factors Model of Economic Development With Endogenous Technological Change |
| Sprache: | Englisch |
| Publikationsjahr: | 1 November 2012 |
| Ort: | Darmstadt |
| Reihe: | Darmstadt Discussion Papers in Economics |
| Band einer Reihe: | 215 |
| Kurzbeschreibung (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. |
| Freie Schlagworte: | Economic growth, technical change, distribution of income, Industrial Revolution |
| Zusätzliche Informationen: | JEL classification: E13, N1, O41 |
| Fachbereich(e)/-gebiet(e): | 01 Fachbereich Rechts- und Wirtschaftswissenschaften 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Volkswirtschaftliche Fachgebiete 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Volkswirtschaftliche Fachgebiete > Fachgebiet Wirtschaftstheorie |
| Hinterlegungsdatum: | 23 Nov 2012 14:04 |
| Letzte Änderung: | 29 Mai 2016 21:18 |
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