Greenwood, Jeremy; Uysal, Gokce - In: Journal of Economic Growth 10 (2005) 2, pp. 99-134
The U.S. went through a remarkable structural transformation between 1800 and 2000. A precipitous decline in the importance of agricultural goods in the economy was matched by the rapid ascent of a plethora of new non-agricultural goods and services. A competitive model is presented here where...