New Goods and the Transition to a New Economy
Jeremy Greenwood and
Gokce Uysal ()
No 5, Economie d'Avant Garde Research Reports from Economie d'Avant Garde
The U.S. went through a remarkable structural transformation between 1800 and 2000. In 1800 the majority of people worked in agriculture. Barely anyone did by 2000. What caused the rapid demise of agriculture in the economy? The analysis here concentrates on the development of new consumer goods associated with technological progress. The introduction of new goods into the framework eliminates the need to rely on satiation points, subsistence levels of consumption, and the like. The analysis suggests that between 1800 and 2000 economic welfare grew by at least 1.5 percent a year, and maybe as much 10 percent annually, the exact number depending upon the metric preferred.
Keywords: technological progress; structural change; new goods; welfare indices (search for similar items in EconPapers)
JEL-codes: E13 O11 O41 (search for similar items in EconPapers)
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Journal Article: New Goods and the Transition to a New Economy (2005)
Working Paper: New Goods and the Transition to a New Economy (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:eag:rereps:5
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