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| Tekijä: | O'Rourke, K. |
| Otsikko: | Factor price convergence in the late nineteenth century |
| Lehti: | International Economic Review
1996 : AUGUST, VOL. 37:3, p. 499-530 |
| Asiasana: | INTERNATIONAL ECONOMICS PRICES |
| Kieli: | eng |
| Tiivistelmä: | The authors examine a dramatic historical episode of factor price convergence in the late 19th century. The focus is convergence between Old World and New, and the analysis centers on land and labor. Wage-rental rations boomed in the Old World and collapsed in the New, moving the resource-rich, labor-scarce New World closer to the resource-scarce, labor abundant Old World. The authors use econometrics and simulations to identify pro-convergence forces which include commodity price convergence, factor accumulation and factor-saving biases. |
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