TECHNOLOGY, FACTOR ENDOWMENT, PRICES AND THE RELATIVE DECLINE OF AGRICULTURE IN TAIWAN
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This paper specifies an empirical model of the relative decline of the agricultural sector consistent with the neoclassical explanation. We utilize a production theory approach to analyze the effect of changes in relative prices, relative factor endowments and technical change on the share of agriculture in GDP in a growing economy. The model is estimated with time series data on the agricultural sector and nonagricultural sectors in Taiwan.