The Resolution of the Labor-Scarcity Paradox
针对19世纪50年代美国制造业机械化程度高但利率高、资本存量低于英国的矛盾，利用1849年人口普查数据估计生产参数，构建可计算一般均衡模型予以解释。
Many distinguished foreign visitors to the United States in the 1850s commented on the advanced states of mechanization in manufacturing. But why, at the same time, were interest rates higher and the aggregate manufacturing capital stock lower in American than in Britain? We resolve this paradox by noting that British engineers were most impressed by only those industries which relied on skilled workers. Using production parameters estimated from 1849 census data, we develop a computable general equilibrium model of the American and British economies which reconciles the apparently contradictory evidence.