Land, labor and the wage-rental ratio : factor price convergence in the late nineteenth century

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dc.contributor.author O'Rourke, Kevin H.
dc.contributor.author Taylor, Alan M.
dc.contributor.author Williamson, Jeffrey G.
dc.date.accessioned 2009-12-10T16:47:42Z
dc.date.available 2009-12-10T16:47:42Z
dc.date.issued 1993-05
dc.identifier.uri http://hdl.handle.net/10197/1715
dc.description.abstract This paper augments the new historical literature on factor price convergence. The focus is on the late nineteenth century, when economic convergence among the current OECD countries was dramatic; and the focus is on the convergence between Old World and New, by far the biggest participants in the global convergence during the period; and the focus is on land and labor, the two most important factors of production in the nineteenth century. Wage-rental ratios boomed in the Old World and collapsed in the New, moving the resource-rich and labor scarce New World closer to the resource-scarce and labor-abundant Old World. The paper uses both computable general equilibrium models and econometrics to identify the forces causing the convergence. These include: commodity price convergence and the Heckscher-Ohlin Theorem of factor price equalization; migration, capital-deepening and frontier disappearance, factors stressed by Malthus, Ricardo, Wicksell and Viner; and factor-saving biases associated with induced-innovational theory, an endogenous response to relative factor scarcities. en
dc.description.externalNotes A hard copy is available in UCD Library at GEN 330.08 IR/UNI en
dc.format.extent 1551836 bytes
dc.format.mimetype application/pdf
dc.language.iso en en
dc.publisher University College Dublin. School of Economics en
dc.relation.ispartofseries UCD Centre for Economic Research Working Paper Series en
dc.relation.ispartofseries WP93/11 en
dc.subject.lcsh Convergence (Economics)--Econometric models en
dc.subject.lcsh Economic history en
dc.subject.lcsh Factors of production--Econometric models en
dc.title Land, labor and the wage-rental ratio : factor price convergence in the late nineteenth century en
dc.type Working Paper en
dc.internal.availability Full text available en
dc.status Not peer reviewed en
dc.type.capturetechnique PDFimage en
dc.neeo.contributor O'Rourke|Kevin H.|aut| en
dc.neeo.contributor Taylor|Alan M.|aut| en
dc.neeo.contributor Williamson|Jeffrey G.|aut| en


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