Modernization of agriculture and long-term growth
成果类型：
Article
署名作者：
Yang, Dennis Tao; Zhu, Xiaodong
署名单位：
University of Virginia; University of Toronto
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2013.01.002
发表日期：
2013
页码：
367-382
关键词：
摘要：
This paper develops a two-sector model that illuminates the role played by agricultural modernization in the transition from stagnation to growth. When agriculture relies on traditional technology, industrial development reduces the relative price of industrial products, but has a limited effect on per capita income because most labor has to remain in farming. Growth is not sustainable until this relative price drops below a certain threshold, thus inducing farmers to adopt modern technology that employs industry-supplied inputs. Once agricultural modernization begins, per capita income emerges from stasis and accelerates toward modern growth. Our calibrated model is largely consistent with the set of historical data we have compiled on the English economy, accounting well for the growth experience of England encompassing the Industrial Revolution. (C) 2013 Elsevier B.V. All rights reserved.
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