The dynamics of Smithian growth

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Title: The dynamics of Smithian growth
Authors: Kelly, Morgan
Permanent link: http://hdl.handle.net/10197/521
Date: Aug-1997
Abstract: This paper analyzes the evolution of an economy where growth is driven by increased specialization caused by the geographical expansion of markets. It proves that such Smithian growth exhibits generic threshold behavior. Below a critical density of transport linkages, the economy is split into isolated local markets with limited specialization. Above the critical density, these markets begin to fuse into a large, economywide market causing growth to accelerate. This allows an explicit test of the consensus among historians of Sung dynasty China that the economic revolution during that period was a result of commercialization caused by the creation of a national waterway network.
Type of material: Journal Article
Publisher: MIT Press Journals
Copyright (published version): Copyright 1997 by the President and Fellows of Harvard College and the Massachussets Institute of Technology
Subject LCSH: Economic development
Expertise
Markets
DOI: 10.1162/003355397555398
Language: en
Status of Item: Peer reviewed
Appears in Collections:Economics Research Collection

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