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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 ; 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.
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Item Type: Report
Type of entry: Primary publication
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
URN: urn:nbn:de:tuda-tuprints-47117
Additional Information:

JEL classification: E13, N1, O41

Classification DDC: 300 Social sciences > 330 Economics
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: 26 Jan 2016 14:43
URI: https://tuprints.ulb.tu-darmstadt.de/id/eprint/4711
PPN: 386809976
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