The Rise and Fall of Exceptional Australian Incomes since 1800

David Greasley and Jakob Madsen
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David Greasley: Emeritus Professor of Economic History, University of Edinburgh

Discussion Papers in Environment and Development Economics from University of St. Andrews, School of Geography and Sustainable Development

Abstract: We gauge how productivity and factor endowments shaped the rise and fall of Australia’s exceptional incomes. New measures of TFP, which include natural resource inputs, are utilized in an accounting of income growth. Further, the drivers of TFP growth are explored. Pastoralism and mining had negative TFP externalities, and we incorporate these finding into a unified accounting of incomes which distinguishes the roles of endowments and productivity. Nevertheless, TFP growth played an important role in promoting exceptional incomes between 1842-1890. Our findings favour a more balanced interpretation of Australian growth that has roles for natural resources, labour participation and productivity.

Keywords: Australia; productivity; natural resources; knowledge; education (search for similar items in EconPapers)
JEL-codes: N1 N5 O30 O40 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2016-03
New Economics Papers: this item is included in nep-eff and nep-his
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Citations: View citations in EconPapers (8)

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Related works:
Journal Article: The Rise and Fall of Exceptional Australian Incomes Since 1800 (2017)
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