By Dr. Thorsten Wichmann (auth.)
A two-sector version of a constructing nation together with agriculture and is gifted. development and structural swap are mentioned in variations with exogenous in addition to endogenous technical growth, algebraically and through numerical simulations. outcomes from taking into consideration peculiarities of meals creation and intake are analyzed. those contain expertise adoption in agriculture, Engel's legislations and a courting among the extent of nutrients and productivity.
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Extra resources for Agricultural Technical Progress and the Development of a Dual Economy
Chen (1987) considers the consequences of uncertainty in agricultural production for the development of the dual economy. 2 Agriculture Driven Development While these dual economy models are able to replicate the major stylized facts of economic development, they are ambiguous about the central question: what drives development? In the early years of development policy after the second world war the answer of mainstream economists and politicians was almost unanimous: industry. Industrialization, as rapid as possible, was regarded as the policy imperative.
This reallocation continues until the industrial labor supply curve begins to turn up, which happens as soon as the agricultural labor surplus has been exhausted. The neoclassical model of a dual economy developed by Jorgenson (1961) and later extended by Zarembka (1970) questions the hypothesis of an agricultural labor surplus 22 and discusses the dependency of manufacturing on agricultural food production in a purely neoclassical framework. In this model competitive firms in manufacturing pay marginal productivity wages while agricultural wages equal the average product.
Therefore Michel (1982) proposes to use lim e -P'He = 0 instead. ,..... - We follow Barro and Saltz-i-Martin (1995. 508). who have pointed out that the above condition might well be used as a necessary condition since all known counter-examples involve no time discounting. In contrast all our problems do feature time-discounting as well as an objective function that converges. 12. For a more complete economic interpretation of the optimal control technique cf. Dorfman (1969). 44 3. 8) is simply the marginal product of capital divided by (1 - a).