English, Article, Journal or magazine article edition: Early development Marvin Goodfriend; John McDermott

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Bookmark: http://trove.nla.gov.au/version/74833
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Early development
Author
  • Marvin Goodfriend
  • John McDermott
Physical Description
  • preprint
Notes
  • Long-term economic development involves four fundamental processes: the exploitation of increasing returns to specialization, the transition from household to market production, knowledge and human capital accumulation, and industrialization. In this paper, we integrate these processes into a coherent framework for thinking about economic history. Pre-industrial development is driven by increasing returns to specialization made possible by a growing population. Increasing specialization eventually activates a learning technology and initiates industrial growth, which carries the economy to a fully market-based balanced growth path. Among other things, we attribute a role to population and market size that is consistent with the evidence.
  • Economic development
  • RePEc:fip:fedrwp:94-02
Language
  • English
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