Broadberry, Stephen; Ghosal, Sayantan; Proto, Eugenio - Department of Economics, University of Warwick - 2011
anonymity of market transactions on relative factor prices. Commercialisation raises wages as impersonal labour market … extent that capital and labor are (imperfect) substitutes, the resulting shift in relative factor prices leads to the … adoption of a more capital-intensive production technology which, in turn, results in a faster rate of technological progress …