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they contain a story of dramatically increasing inequality between 1800 and 1840: GDP per worker rose 37%, real wages … production function explains the distribution of income (as in Cambridge, MA), while a savings function in which savings depended … inequality was intrinsic to the growth process. Technical change increased the demand for capital and raised the profit rate and …
Persistent link: https://www.econbiz.de/10005047943
through a two stage evolution of inequality. In the first half ofthe nineteenth century, the real wage stagnated while output … model includes an aggregateproduction function that explains the distribution of income, while a savings function inwhich … savings depended on property income governs accumulation. Simulations with themodel show that technical progress was the prime …
Persistent link: https://www.econbiz.de/10005870146
production function explains the distributionof income (as in Cambridge, MA), while a savings function in which savings depended … prime mover behind the industrial revolution.Capital accumulation was a necessary complement. The surge in inequality was …
Persistent link: https://www.econbiz.de/10005870192
This paper presents new estimates of total factor productivity growth in Britain for the period 1770–1860. We use the dual technique and argue that the estimates we derive from factor prices are of similar quality to quantity-based calculations. Our results provide further evidence, calculated...
Persistent link: https://www.econbiz.de/10005572615
The extent to which fixed factors of production such as land constrain per-capita income growth has been a widely discussed topic in economics since at least Malthus (1798). Whether fixed factors limit growth depends crucially on two variables: the substitutability of fixed factors in...
Persistent link: https://www.econbiz.de/10010659026
per capita affect income inequality and how they differ. The results suggest a U-shaped relationship of both measures of … GDP per capita is used, inequality is higher, leading to the conclusion that countries with policies that inflate GDP … behavioral similarity between the income of the richest 10% of population and income inequality. Lastly, there is also a …
Persistent link: https://www.econbiz.de/10013473321
services, Foreign Direct Investment . net inflows, savings). Part four highlights the results of the research alongside other …, interacting in a complex manner (domestic credit, export of goods and services, Foreign Direct Investment . net inflows, saving … means of two catalytic factors: the dynamics of the domestic credit, respectively that of the savings, variables with a …
Persistent link: https://www.econbiz.de/10011979926
services, Foreign Direct Investment . net inflows, savings). Part four highlights the results of the research alongside other …, interacting in a complex manner (domestic credit, export of goods and services, Foreign Direct Investment . net inflows, saving … means of two catalytic factors: the dynamics of the domestic credit, respectively that of the savings, variables with a …
Persistent link: https://www.econbiz.de/10012004604
We present a theoretical argument to identify the conditions under which a firm prefers to invest in factor saving innovations rather than neutral innovations. We prove that incentives to invest in factor saving innovations positively depend on i) total factor productivity and ii) the scarcity...
Persistent link: https://www.econbiz.de/10012892872
Apart from measuring inequality and poverty at the provincial level in Spain between 1860 and 1930, this paper … empirically assesses the relationship between economic growth and both inequality and destitution. The results, on the one hand …, confirm the presence of a Kuznets' curve. However, although growing incomes did not directly contribute to reducing inequality …
Persistent link: https://www.econbiz.de/10012669428