Trade and the Diffusion of the Industrial Revolution

Robert Lucas

American Economic Journal: Macroeconomics, 2009, vol. 1, issue 1, 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)

JEL-codes: F41 O33 O47 (search for similar items in EconPapers)
Date: 2009
Note: DOI: 10.1257/mac.1.1.1
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Citations: View citations in EconPapers (114)

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Working Paper: Trade and the Diffusion of the Industrial Revolution (2007)
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