Land, labor and the wage-rental ratio : factor price convergence in the late nineteenth century

DC FieldValueLanguage
dc.contributor.authorO'Rourke, Kevin H.-
dc.contributor.authorTaylor, Alan M.-
dc.contributor.authorWilliamson, Jeffrey G.-
dc.date.accessioned2009-12-10T16:47:42Z-
dc.date.available2009-12-10T16:47:42Z-
dc.date.issued1993-05-
dc.identifier.other199311en
dc.identifier.urihttp://hdl.handle.net/10197/1715-
dc.description.abstractThis paper augments the new historical literature on factor price convergence. The focus is on the late nineteenth century, when economic convergence among the current OECD countries was dramatic; and the focus is on the convergence between Old World and New, by far the biggest participants in the global convergence during the period; and the focus is on land and labor, the two most important factors of production in the nineteenth century. Wage-rental ratios boomed in the Old World and collapsed in the New, moving the resource-rich and labor scarce New World closer to the resource-scarce and labor-abundant Old World. The paper uses both computable general equilibrium models and econometrics to identify the forces causing the convergence. These include: commodity price convergence and the Heckscher-Ohlin Theorem of factor price equalization; migration, capital-deepening and frontier disappearance, factors stressed by Malthus, Ricardo, Wicksell and Viner; and factor-saving biases associated with induced-innovational theory, an endogenous response to relative factor scarcities.en
dc.description.externalNotesA hard copy is available in UCD Library at GEN 330.08 IR/UNIen
dc.format.extent1551836 bytes-
dc.format.mimetypeapplication/pdf-
dc.language.isoenen
dc.publisherUniversity College Dublin. School of Economicsen
dc.relation.ispartofseriesUCD Centre for Economic Research Working Paper Seriesen
dc.relation.ispartofseriesWP93/11en
dc.subject.lcshConvergence (Economics)--Econometric modelsen
dc.subject.lcshEconomic historyen
dc.subject.lcshFactors of production--Econometric modelsen
dc.titleLand, labor and the wage-rental ratio : factor price convergence in the late nineteenth centuryen
dc.typeWorking Paperen
dc.internal.availabilityFull text availableen
dc.statusNot peer revieweden
dc.type.capturetechniquePDFimageen
dc.neeo.contributorO'Rourke|Kevin H.|aut|-
dc.neeo.contributorTaylor|Alan M.|aut|-
dc.neeo.contributorWilliamson|Jeffrey G.|aut|-
item.grantfulltextopen-
item.fulltextWith Fulltext-
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