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
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 ; Eschenhof-Kammer, Sabine ; Pertz, Klaus |
| Type of entry: | Bibliographie |
| Title: | Growth Over the Very Long-Run: Implications of a Specific Factors Model of Economic Development With Endogenous Technological Change |
| Language: | English |
| Date: | 1 November 2012 |
| Place of Publication: | Darmstadt |
| Series: | Darmstadt Discussion Papers in Economics |
| Series Volume: | 215 |
| 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. |
| Uncontrolled Keywords: | Economic growth, technical change, distribution of income, Industrial Revolution |
| Additional Information: | JEL classification: E13, N1, O41 |
| 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 |
| Last Modified: | 29 May 2016 21:18 |
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