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Why do some countries industrialize much earlier than others? One widely-accepted answer is that markets need to be large enough for producers to find it profitable to bear the fixed cost of introducing modern technologies. This insight, however, has limited explanatory power, as illustrated by...
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A market-size-only theory of industrialization cannot explain why England developed nearly two centuries before China. One shortcoming of such a theory is its exclusive focus on producers. We show that once we incorporate the incentives of factor suppliers' organizations such as craft guilds,...
Persistent link: https://www.econbiz.de/10012452993
A market-size-only theory of industrialization cannot explain why England developed nearly two centuries before China. One shortcoming of such a theory is its exclusive focus on producers. We show that once we incorporate the incentives of factor suppliers' organizations such as craft guilds,...
Persistent link: https://www.econbiz.de/10012916601
Persistent link: https://www.econbiz.de/10011299770
This paper surveys the small, yet growing, literature that uses game theory for economic history analysis. It … elaborates on the promise and challenge of applying game theory to economic history and presents the approaches taken in … conducting such an application. Most of the essay, however, is devoted to studies in economic history that use game theory as …
Persistent link: https://www.econbiz.de/10014024493
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conclusion has implications for the study of institutions, economics, and religion throughout history and in the developing world …
Persistent link: https://www.econbiz.de/10003715091