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Public Policy, Long Run Growth And Economic Transition From Agriculture To Industrial Mass Production., Rudrani Bhattacharya Dr.

Doctoral Theses

It has been recognized that the heart of the development process lies on the transformation of an economy from traditional activities in agriculture to industrial activities. As emphasized by Lewis (1954), the movement of labor from primary sector to industry is conducive to the rise of economy’s savings and investment rate and thus fostering economic growth. The core of this paradigm is the historically observed rapid growth in today’s developed countries associated with expansion of industrial activities.It is well-documented by now that at least over a few centuries leading up to 1800 AD there was little change in the world …