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China is well-placed to avoid the so-called “middle-income trap” and to continue to converge towards the more advanced economies, even though growth is likely to slow from near double-digit rates in the first decade of this millennium to around 7% at the 2020 horizon. However, in order to...
Persistent link: https://www.econbiz.de/10010231008
We develop a quantitative model that is consistent with three principal building blocks of Unified Growth Theory: the break-out from economic stagnation, the buildup to the Industrial Revolution, and the onset of the fertility transition. Our analysis suggests that (i) the escape from the...
Persistent link: https://www.econbiz.de/10012483759
industrialization transforms the economic landscape. -- Endogenous Preferences ; Social Classes ; Industrial Revolution …
Persistent link: https://www.econbiz.de/10003634667
The long-run evolution of per-capita income exhibits a structural break often associated with the Industrial Revolution. We follow Mokyr (2002) and embed the idea that this structural break reflects a regime switch in the evolution of technological knowledge into a dynamic framework, using Airy...
Persistent link: https://www.econbiz.de/10003592701
stagnation in a traditional technology to industrialization and prosperity with a modern technology - be accelerated? Lewis (1954 …) and Rostow (1956) argue that the pace of industrialization is limited by the rate of capital formation which in turn is … an open economy increases the rate of capital formation and speeds up the pace of industrialization relative to a closed …
Persistent link: https://www.econbiz.de/10010189831
the transformation of low- and middle-income economies out of agriculture. In our main specification industrialization …
Persistent link: https://www.econbiz.de/10014280617
Economists use micro-based and macro-based approaches to assess the macroeconomic return to population health. The macro-based approach tends to yield estimates that are either negative and close to zero or positive and an order of magnitude larger than the range of estimates derived from the...
Persistent link: https://www.econbiz.de/10013262768
The demographic transition is introduced into the otherwise standard Ramsey model to generate multiple equilibria, poverty traps, and demography-driven cycles. The model is calibrated for global data to explore the demographic conditions under which multiplicity is realized. Three cases arise,...
Persistent link: https://www.econbiz.de/10009130124
We construct a Dynamic Stochastic General Equilibrium model of the interaction between demography and the economy for six centuries of English history. At the core of the four overlapping generations, rational expectations model is household choice about target number and quality of children, as...
Persistent link: https://www.econbiz.de/10010348284
This paper presents new evidence for major world regions and for the most populous countries in each region on associations between the average ages of populations and three groups of economic outcomes: (1) macroeconomic aggregates (domestic saving as a share of GDP, GDP per capita, capital per...
Persistent link: https://www.econbiz.de/10011541352