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New Goods and the Transition to a New Economy

Jeremy Greenwood and Gokce Uysal ()

No 10793, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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 lessens 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 as 10 percent annually, the exact number depending upon the metric preferred.

JEL-codes: E13 O11 O41 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dev and nep-dge
Date: 2004-09
Note: EFG DAE
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Published as Greenwood, Jeremy and Gokce Uysal. "New Goods And The Transition To A New Economy," Journal of Economic Growth, 2005, v10(2,Jun), 99-134.

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