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Land and the transition from a dual to a modern economy
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Proto, Eugenio (2007) Land and the transition from a dual to a modern economy. Journal of Development Economics, Vol.83 (No.1). pp. 88-108. doi:10.1016/j.jdeveco.2005.11.004 ISSN 0304-3878.
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Official URL: http://dx.doi.org/10.1016/j.jdeveco.2005.11.004
Abstract
Tenurial contracts in agriculture can be an initial source of wealth accumulation for dynasties of poor, credit-constrained individuals. The income from such contracts can be invested in education of offspring, who then can find work in the formal manufacturing sector. This process allows the economy to develop into a modem economy with a large manufacturing sector. An excessive number of poor individuals competing for scarce land, however, drives up the rental price of land, which then slows the process of accumulation and forces the economy to converge to a less efficient dual equilibrium. In such cases, a policy of land redistribution coupled with a temporary education subsidy may be needed to push the economy to a modem equilibrium. (C) 2005 Elsevier B.V. All rights reserved.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HC Economic History and Conditions | ||||
Divisions: | Faculty of Social Sciences > Economics | ||||
Journal or Publication Title: | Journal of Development Economics | ||||
Publisher: | Elsevier | ||||
ISSN: | 0304-3878 | ||||
Official Date: | May 2007 | ||||
Dates: |
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Volume: | Vol.83 | ||||
Number: | No.1 | ||||
Number of Pages: | 21 | ||||
Page Range: | pp. 88-108 | ||||
DOI: | 10.1016/j.jdeveco.2005.11.004 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
Data sourced from Thomson Reuters' Web of Knowledge
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