Transition to Modern Growth: the Role of Technological Progress and Adult Mortality
Davide Fiaschi () and
Tamara Fioroni ()
Discussion Papers from Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy
This paper presents a model inspired by the Unified Growth Theory, where reductions in adult mortality together with improvements in technological progress are the deep causes of the transition from a Traditional (Malthusian) Regime to a Pre-Modern Regime, characterized by the accumulation of fixed capital only, and finally, to a Modern Regime, characterized by the joint accumulation of both fixed and human capital. A calibrated version of the model is able to reproduce the dynamics of the UK economy in the period 1541-1914, matching both the periods of transition and the pattern of main macroeconomic variables. UK growth before the mid-nineteen th century ap- pears to be mainly due to technological progress, while thereafter, the decline in adult mortality and factors accumulation played the major role. Finally, fertility decline during the nineteenth century has only a marginal impact on growth because it is more than balanced by the increase in adult survival.
Keywords: Unified Growth Theory; Human Capital; Adult mortality; Nonlinear Dynamics; Endogenous Fertility; Industrial Revolution. (search for similar items in EconPapers)
JEL-codes: O10 O40 I20 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-evo, nep-gro, nep-hea, nep-his and nep-hpe
Note: ISSN 2039-1854
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Persistent link: https://EconPapers.repec.org/RePEc:pie:dsedps:2014/186
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