Trade and the Diffusion of the Industrial Revolution

Robert Lucas

No 13286, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: A model is proposed to describe the evolution of real GDPs in the world economy that is intended to apply to all open economies. The five parameters of the model are calibrated using the Sachs-Warner definition of openness and time-series and cross-section data on incomes and other variables from the 19th and 20th centuries. The model predicts convergence of income levels and growth rates and has strong but reasonable implications for transition dynamics.

JEL-codes: O1 O19 (search for similar items in EconPapers)
Date: 2007-08
New Economics Papers: this item is included in nep-dev, nep-dge, nep-his and nep-int
Note: EFG
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Citations: View citations in EconPapers (27)

Published as Robert E. Lucas, 2009. "Trade and the Diffusion of the Industrial Revolution," American Economic Journal: Macroeconomics, American Economic Association, vol. 1(1), pages 1-25, January.

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Journal Article: Trade and the Diffusion of the Industrial Revolution (2009)
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