Trade and the diffusion of the industrial revolution
By: Robert E. Lucas, Jr.
Contributors: National Bureau of Economic Research.
Series: NBER working paper series -- no. 13286.; Working paper series (National Bureau of Economic Research) -- working paper no. 13286.
Publisher: National Bureau of Economic Research
Published: 2007
Place of publication: Cambridge, Mass
Language: eng
Number of pages: 35
Subjects: Gross domestic product -- Econometric models; Economic geography
Description: A model is proposed to describe the evolution of real GDPs in the world economy that is intended to apply to all open economies. The five parameters of the model are calibrated using the Sachs-Warner definition of openness and time-series and cross-section data on incomes and other variables from the 19th and 20th centuries. The model predicts convergence of income levels and growth rates and has strong but reasonable implications for transition dynamics.
Notes: "August 2007"

Includes bibliographical references (p. 32-35).

Also available in PDF from the NBER world wide web site (www.nber.org).