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tractors,
specialization
is
infeasible
absence
terms
consumption
goods
are
consumed
by
tractor
before
he
can
sell
tractors.
specialized
learning
doing
speed
up
accumulation
professional
knowledge
so
that
machines
becomes
cheap,
such
increasing
activities
will
economic
growth.
Due
tradeoff
between
economies
transaction
costs,
used
investigate
effects
change
cost
coefficient,
affected
policy,
legal
system,
urbanization,
evolution
labor,
real
interest
rates,
saving
rate.
1.
INTRODUCTION
The
purpose
current
use
assess
"
fundamentalism"
claims
an
unconditional
positive
relationship
future
productivity.
fundamentalism
taken
as
granted
growth
models
Ramsey
(1928),
Solow
(1956,
1964),
Lucas
(1988),
Romer
(1986,
1987,
1990),
Grossman
Helpman
(1989,
1990,
1991).
specification
production
functions
all
implies
increase
productivity
per
person.
We
may
however
ask
why
increased
today.
did
not
exist
two
thousand
years
ago.
For
instance,
ago,
peasants
invested
corn
seeds
each
year.
But
could
only
maintain
simple
reproduction
without
much
Also,
Chinese
houses
were
completely
self-provided
1970s.
Productivity
durable
was
extremely
low
(Yang,
Wang,
Wills,
1992).
To
question
respond
pointing
human
generated
investment.
However,
we
again
case
argue
education
does
necessarily
lead
people
have
special
preference
education.
this
had
significant
increases
until
modern
school
university
system
introduced
into
China
at
end
19th
century.
In
traditional
schools,
there
no
teachers.
Each
teacher
taught
students
broad
range
knowledge,
from
literature
philosophy.
university,
very
different
teachers
colleges.
Also
educated
individuals
their
professions
after
graduation
universities.
It
ensures
providing
education,
contribute
significantly
progress.
Recent
empirical
evidences
support
our
observation.
Printchett
(1997)
shows
macro
data
reject
educational
rate
output
worker,
despite
earnings
micro
data.
above,
might
research
development.
Marshall
attributed
invention
steam
engine
Boulton
Watt
deep
inventing
(1890,
p.
256).
Edison'
s
experience
another
evidence
implication
successful
inventions.
Not
Edison
himself
specialize
electrical
most
his
life,
but
also
organized
institution
with
more
than
one
hundred
employees
who
(Josephson,
1959).
observation
physical
goods,
or
would
automatically
if
develop
pattern
labor.
Hence,
essential
around
notion
how
invest
save,
rather
what
machines,
research.
recent
called
scale
effect
associated
Type-I
exists
rates
capita
GDP
rates.
AK
generates
type
I
conclusively
rejected
(see
Jones,
1995a)
.
suggests
do
provide
good
description
driving
forces
behind
growth"
(Jones,
1995a,
pp.
508-509).
R&
D
resources
devoted
D,
referred
II
Type
observations
1995b).Jones
(1995b)
Alwyn
Young
(1998)
developed
salvage
model,
modified
still
III
effect,
population,
wildly
odds
surveyed
Dasgupta
(1995).
As
Jones
indicates,
endogenous
cannot
preserved
D-based
eliminated.
Now
economists
busy
new
avoid
effects.
show
way
effects:
thinking
investment,
growth.
mechanisms
described
Instead
they
emphasized
connection
Smith
(1776)
Allyn
(1928)
explicitly
spelled
out
capital.
According
them,
matter
development
final
(say
food)
tractors)
complete
due
to,
fixed
cost,
then
producers
survive
specialists
food
society
through
doing,
thereby
generating
progress.
story
A
dynamicgeneral
address
following
questions.
What
capital,
relates
determines
extent
market,
trade
dependence,
productivity?
mechanism
simultaneously
determinants
(saving)
rate,
labor?
Our
runs
follows.
There
many
ex
ante
identical
consumer
economy
where
produced
alone
good,
doing.
incurred
period
when
individual
engages
job
first
shifting
place.
choose
self
sufficiency.
advantage
exploit
costs.
expense
because
caused
specialization.
Moreover,
tractor,
cost.
completed
has
reached
threshold
level.
tradeoffs
among
roundaboutness,
maximizes
total
discounted
utility
over
periods
respect
quantities
consumed,
produced,
traded
order
efficiently
off
against
others
four
conflicting
forces.
interactions
these
determine
nature
economy.
coefficient
sufficiently
great,
autarky
?
depending
upon
l