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New Goods and the Transition to a New Economy

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Author Info
Jeremy Greenwood (University of Pennsylvania)
Gokce Uysal

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Abstract

The U.S. went through a remarkable structural transformation between 1800 and 2000. In 1800 the majority of people worked in agriculture. Barely anyone did by 2000. What caused the rapid demise of agriculture in the economy? The analysis here concentrates on the development of new consumer goods associated with technological progress. The introduction of new goods into the framework eliminates the need to rely on satiation points, subsistence levels of consumption, and the like. The analysis suggests that between 1800 and 2000 economic welfare grew by at least 1.5 percent a year, and maybe as much 10 percent annually, the exact number depending upon the metric preferred.

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File URL: http://www.econ.rochester.edu/Faculty/GreenwoodPapers/n2n.pdf
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Publisher Info
Paper provided by Economie d'Avant Garde in its series Economie d'Avant Garde Research Reports with number 5.

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Length: 31 pages
Date of creation: Aug 2003
Date of revision:
Handle: RePEc:eag:rereps:5

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Web page: http://www.jeremygreenwood.net/EAG.htm

For technical questions regarding this item, or to correct its listing, contact: (Jeremy Greenwood).

Related research
Keywords: technological progress structural change new goods welfare indices

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Find related papers by JEL classification:
E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

References listed on IDEAS
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  1. Jovanovic, Boyan & MacDonald, Glenn M, 1994. "The Life Cycle of a Competitive Industry," Journal of Political Economy, University of Chicago Press, vol. 102(2), pages 322-47, April. [Downloadable!] (restricted)
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  2. Laitner, John, 2000. "Structural Change and Economic Growth," Review of Economic Studies, Blackwell Publishing, vol. 67(3), pages 545-61, July.
  3. Stokey, Nancy L, 1988. "Learning by Doing and the Introduction of New Goods," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 701-17, August. [Downloadable!] (restricted)
  4. Williamson Jeffrey G., 1995. "The Evolution of Global Labor Markets since 1830: Background Evidence and Hypotheses," Explorations in Economic History, Elsevier, vol. 32(2), pages 141-196, April. [Downloadable!] (restricted)
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  5. Piyabha Kongsamut & Danyang Xie & Sergio Rebelo, 2001. "Beyond Balanced Growth," IMF Working Papers 01/85, International Monetary Fund.
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  6. Rogerson, Richard, 1988. "Indivisible labor, lotteries and equilibrium," Journal of Monetary Economics, Elsevier, vol. 21(1), pages 3-16, January. [Downloadable!] (restricted)
  7. Gary D. Hansen & Edward C. Prescott, 2002. "Malthus to Solow," American Economic Review, American Economic Association, vol. 92(4), pages 1205-1217, September. [Downloadable!]
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  8. Gort, Michael & Klepper, Steven, 1982. "Time Paths in the Diffusion of Product Innovations," Economic Journal, Royal Economic Society, vol. 92(367), pages 630-53, September. [Downloadable!] (restricted)
  9. Robert A. Margo, 1992. "The Labor Force in the Nineteenth Century," NBER Historical Working Papers 0040, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Mark Bils, 2004. "Measuring the Growth from Better and Better Goods," NBER Working Papers 10606, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Echevarria, Cristina, 1997. "Changes in Sectoral Composition Associated with Economic Growth," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(2), pages 431-52, May.
  12. W. Michael Cox & Richard Alm, 1998. "The right stuff; America's move to mass customization," Annual Report, Federal Reserve Bank of Dallas, pages 3-26. [Downloadable!]
  13. Romer, Paul M, 1987. "Growth Based on Increasing Returns Due to Specialization," American Economic Review, American Economic Association, vol. 77(2), pages 56-62, May. [Downloadable!] (restricted)
  14. Douglas Gollin & Stephen Parente & Richard Rogerson, 2002. "The Role of Agriculture in Development," American Economic Review, American Economic Association, vol. 92(2), pages 160-164, May. [Downloadable!]
  15. Yorukoglu, Mehmet, 2000. "Product vs. process innovations and economic fluctuations," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 52(1), pages 137-163, June. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Mark Sanders, 2005. "Market Size or Acceleration Effects; Comparing Hy pothese s to Explain Skill Biased Technical Change," Discussion Papers on Entrepreneurship, Growth and Public Policy 2005-03, Max Planck Institute of Economics, Group for Entrepreneurship, Growth and Public Policy. [Downloadable!]
  2. Thomas F. Cooley & Elizabeth M. Caucutt & Nezih Guner, 2006. "The Farm, the City, and the Emergence of Social Security," Working Papers 06-21, New York University, Leonard N. Stern School of Business, Department of Economics. [Downloadable!]
    Other versions:
  3. David B. Audretsch & Mark Sanders, 2007. "Globalization and the Rise of the Entrepreneurial Economy," Jena Economic Research Papers in Economics 2007-003, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics, Thueringer Universitaets- und Landesbibliothek. [Downloadable!]
    Other versions:
  4. Jeremy Greenwood & Karen A. Kopecky, 2007. "Measuring the Welfare Gain from Personal Computers," NBER Working Papers 13592, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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