English, Article, Journal or magazine article edition: The evolution of markets and the revolution of industry: A quantitative model of England's development, 1300-2000 Klaus Desmet; Stephen L. Parente

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Bookmark: http://trove.nla.gov.au/version/211779
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The evolution of markets and the revolution of industry: A quantitative model of England's development, 1300-2000
Author
  • Klaus Desmet
  • Stephen L. Parente
Physical Description
  • preprint
Notes
  • This paper argues that an economy\'s transition from Malthusian stagnation to modern growth requires markets to reach a critical size, and competition to reach a critical level of intensity. By allowing an economy to produce a greater variety of goods, a larger market makes goods more substitutable, raising the price elasticity of demand, and lowering mark-ups. Firms must then become larger to break even, which facilitates amortizing the fixed costs of innovation. We demonstrate our theory in a dynamic general equilibrium model calibrated to England\'s long-run development and explore how various factors affect the timing of takeoff.
  • competition; industrial revolution; innovation; market revolution; unified growth theory
  • RePEc:imd:wpaper:wp2009-06
Language
  • English
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