By Dr. Thorsten Wichmann (auth.)
A two-sector version of a constructing state along with agriculture and is gifted. progress and structural switch are mentioned in versions with exogenous in addition to endogenous technical growth, algebraically and by means of numerical simulations. effects from making an allowance for peculiarities of foodstuff creation and intake are analyzed. those comprise know-how adoption in agriculture, Engel's legislation and a courting among the extent of meals and productivity.
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Additional resources for Agricultural Technical Progress and the Development of a Dual Economy
O. 3 and in footnote 1 above which, at the individual level, is also known as Engel's law. 13 However, it is not exactly the same since we have not derived a relative price between both goods and therefore total income is not defined in this model. 9) must satisfy the transversality = 0 which has not been shown so far. This boundary condition can only be met if in the steady-state the product of e and K grows with a condition lim e -pteK t-+- rate smaller than the discount rate p. 16) p > A+ (I-a) [(a-I)YA+')'V + (1-y) ~l In the remainder we will assume this condition to hold.
Production in manufacturing is different. Land is of (almost) no importance. Output in this sector is produced by labor and capital under (usually) constant returns. Thus, capital accumulation to overcome diminishing returns to labor only takes place in manufacturing. These asymmetries describe the core of dual economy models. Additional assumptions about production in both sectors are made which, however, vary from model to model. For example, it is often assumed that labor is paid its average product in agriculture but its marginal product in industry.
Bose (1968) and Dixit (1971) discuss industrialization as a planning problem within a general equilibrium framework. 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.