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Entrepreneurship, knowledge, and the industrial revolution

M. Aykut Attar ()

Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), 2015, vol. 9, No 2015-3, 54 pages

Abstract: This paper constructs a two-sector unified growth model. Learning-by-doing in agriculture eventually allows the preindustrial economy to leave its Malthusian trap. But entrepreneurs in the manufacturing sector do not attempt invention if not much is known about natural phenomena. This delays the industrial revolution. Since entrepreneurs identify new useful knowledge at all times in a serendipitous way, the industrial revolution is an inevitable outcome. The paper characterizes the equilibrium path from ancient times to the infinite future. According with this characterization, the model economy successfully captures the qualitative aspects of England's unified growth experience.

Keywords: Unified growth theory; useful knowledge; industrial enlightenment; demographic transition; endogenous technological change (search for similar items in EconPapers)
JEL-codes: J13 N33 O31 O33 O41 (search for similar items in EconPapers)
Date: 2015
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http://dx.doi.org/10.5018/economics-ejournal.ja.2015-3
https://www.econstor.eu/bitstream/10419/107211/1/81713462X.pdf (application/pdf)

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Working Paper: Entrepreneurship, knowledge, and the industrial revolution (2014) Downloads
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