The dynamics of Smithian growth
|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
|DOI:||10.1162/003355397555398||Language:||en||Status of Item:||Peer reviewed|
|Appears in Collections:||Economics Research Collection|
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