haku: @author Prescott, E. C. / yhteensä: 8
viite: 2 / 8
| Tekijä: | Hansen, G. D. Prescott, E. C. |
| Otsikko: | Malthus to Solow |
| Lehti: | American Economic Review
2002 : SEP, VOL. 92:4, p. 1205-1217 |
| Asiasana: | MODELS STANDARD OF LIVING COMPANIES ECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | In this paper, the authors provide a model in which the transition from constant to growing living standards is inevitable given positive rates of total factor productivity growth and involves no change in the structure of the economy (parameters describing preferences, technology, and policy). In particular, the transition from stagnant to growing living standards occurs when profit-maximizing firms, in response to technological progress, begin employing a less land-intensive production process that, although available throughout history, was not previously profitable to operate. In addition, this transition appears to be consistent with features of development during and following the industrial revolution. |
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