Structural Change and Economic Growth
构建了一个模型，解释为何国家在工业化过程中平均储蓄倾向会内生上升。模型包含农业和制造业，农业使用土地。早期人均收入低时，农业消费重要，土地资本收益构成主要财富积累，导致储蓄率低；技术进步使收入上升，恩格尔定律将需求转向制成品，土地相对重要性下降，储蓄率上升。
This paper presents a model in which a country's measured average propensity to save endogenously rises when its economy industrializes. The model has agricultural and manufacturing sectors. Only agriculture uses land. If at early dates income per capita is low, agricultural consumption is important, land is valuable, and capital gains on land may constitute most wealth accumulation, leaving the country's NIPA APS low. If exogenous technological progress raises incomes over time, Engel's law shifts demand to manufactured goods. Then land's portfolio importance relative to reproducible capital diminishes and the national income and products account saving rate can rise.