Change to ONLINE via Zoom: Celebrating the 40th Anniversary of the University of Macau: FSSDEC Seminar - "Agricultural Revolution and Industrialization" by Prof. Angus C. CHU, 29 September 2021 (Wednesday) from 14:00 to 15:00
線上ZOOM講座: 澳門大學40週年校慶 ——社會科學學院經濟學系講座朱智豪教授主講, 2021年09月29日 (星期三), 14:00-15:00
Ref. No : ELOO-C73C39Posted by :EricaLo/UMAC
Department :FSSPosted Date : 21/09/2021
Category :
Lecture/Seminar
講座



Dear Colleagues and Students,

You are cordially invited to the following seminar on 29 September 2021 (Wed).

Title: Agricultural Revolution and Industrialization

Speaker: Prof. Angus C. CHU
Date: 29 September 2021 (Wed)
Time: 14:00 – 15:00
Language: English
ZOOM Link: https://umac.zoom.us/j/95355714655?pwd=NkxEaXpvMjR2MTk3STliUDlMOXIzUT09


Abstract:
This study explores how agricultural technology affects the endogenous takeoff of an economy in the Schumpeterian growth model. Due to the subsistence requirement for agricultural consumption, an improvement in agricultural technology reallocates labor from agriculture to the industrial sector. Therefore, agricultural improvement expands firm size in the industrial sector, which determines innovation and triggers an endogenous transition from stagnation to growth. Calibrating the model to data, we find that without the reallocation of labor from agriculture to the industrial sector in the early 19th century, the takeoff of the US economy would have been delayed by about four decades.

Best regards,
Department of Economics, FSS