The rise and fall of exceptional Australian incomes since 1800

David Greasley, Jakob B. Madsen

Research output: Contribution to journalArticleResearchpeer-review

2 Citations (Scopus)

Abstract

We gauge how productivity and factor endowments shaped the rise and fall of Australia's exceptional incomes using new measures of total factor productivity (TFP), which include natural resource inputs, in an accounting of income growth. Further, we explore the drivers of TFP growth. Pastoralism and mining had negative TFP externalities, and we incorporate these findings into a unified accounting of incomes, which distinguishes the roles of endowments and productivity. Nevertheless, TFP growth played an important role in promoting exceptional incomes between 1842 and 1890. Our findings favour a more balanced interpretation of Australian growth that has roles for natural resources, labour participation, and productivity.
Original languageEnglish
Pages (from-to)264-290
Number of pages27
JournalAustralian Economic History Review
Volume57
Issue number3
DOIs
Publication statusPublished - 1 Nov 2017

Keywords

  • Australia
  • Education
  • Knowledge
  • Natural resources
  • Productivity

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