Trade and the Diffusion of the Industrial Revolution

Robert E. Lucas

American Economic Journal: Macroeconomics, 2009, vol. 1, issue 1, pages 1-25

Abstract: This paper proposes a model to describe the evolution of real gross domestic product (GDP) in the world economy that is intended to apply to all open economies. The parameters of the model are calibrated using evidence from Sachs and Warner on economies classed as open, from Parente and Prescott on economies that have successfully begun to develop, and from Kuznets and the World Bank on the employment share of agriculture in various times and places. The theory predicts convergence of the income levels and growth rates in the open economies and has strong but reasonable implications for transition dynamics. (JEL F41, O33, O47)

Date: 2009
View citations in EconPapers

Downloads: (external link)
http://hdl.handle.net/10.1257/mac.1.1.1 (text/html)
http://www.aeaweb.org/articles.php?doi=10.1257/mac.1.1.1 (application/pdf)
Access to full text is restricted to AEA members.

Related works:
Working Paper: Trade and the Diffusion of the Industrial Revolution (2007)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:aea:aejmac:v:1:y:2009:i:1:p:1-25

Ordering information: This journal article can be ordered from
http://www.aeaweb.org/subscribe.html

Access Statistics for this article

American Economic Journal: Macroeconomics is edited by Steven J. Davis

More articles in American Economic Journal: Macroeconomics from American Economic Association
Contact information at EDIRC.
Series data maintained by Christopher F. Baum ().