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A Simple Theory Of The Effects Of Industrialization

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  • Rahman, Ahmed S.

Abstract

Historically, industrialization has been associated with falling relative returns to skills. This fact is at odds with most unified theories of industrialization, which tend to imply rising skill premia as natural concomitants of economic growth. This paper develops a very simple model of historical growth to help solve this puzzle. Assuming that human capital is both a consumption good and an investment good, the model demonstrates how gradually rising investments in human capital, nonmonotonic fertility rates, and falling skill premia can all be explained within one theory.

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  • Rahman, Ahmed S., 2017. "A Simple Theory Of The Effects Of Industrialization," Macroeconomic Dynamics, Cambridge University Press, vol. 21(1), pages 106-129, January.
    • Handle: RePEc:cup:macdyn:v:21:y:2017:i:01:p:106-129_00
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    Cited by:

    1. Mehdi Senouci, 2013. "Direction of technical change, endogenous fertility, and patterns of growth," Working Papers hal-01206021, HAL.
    2. Emily Rauscher & Byeongdon Oh, 2021. "Going Places: Effects of Early U.S. Compulsory Schooling Laws on Internal Migration," Population Research and Policy Review, Springer;Southern Demographic Association (SDA), vol. 40(2), pages 255-283, April.

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