Trade and the Diffusion of the Industrial Revolution

A model is proposed to describe the evolution of real GDPs in the world economy that is intended to apply to all open economies. The five parameters of the model are calibrated using the Sachs-Warner definition of openness and time-series and cross-section data on incomes and other variables from the 19th and 20th centuries. The model predicts convergence of income levels and growth rates and has strong but reasonable implications for transition dynamics.

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Year of publication:	2007-08
Authors:	Robert E. Lucas, Jr.
Institutions:	National Bureau of Economic Research (NBER)

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Extent:	application/pdf
Series:	NBER Working Papers.
Type of publication:	Book / Working Paper
Notes:	EFG published as Robert E. Lucas, 2009. "Trade and the Diffusion of the Industrial Revolution," American Economic Journal: Macroeconomics, American Economic Association, vol. 1(1), pages 1-25, January. Number 13286
Classification:	O1 - Economic Development ; O19 - International Linkages to Development; Role of International Organizations
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005050434