- 일시: 2025년 9월 18일 (목) 16:30 - 17:45

- 장소: 경제관 32211호 *저번 학기와 다른 장소에서 진행되오니, 확인 부탁드립니다.

- 발표자: 양동규 교수님 (KDI School)

- 주제: Time to Accumulate: The Great Migration and the Rise of the American South

- Abstract: The idea that labor scarcity can induce economic development has long been hypothesized, but the evidence remains limited. This paper examines how the Second Great Migration (1940–1970) spurred structural change in the American South between 1970 and 2010. Empirical results using shift-share instruments show that out-migration incentivized capital investment and capital-augmenting technical change, increasing capital per worker and output in both agriculture and manufacturing, at least until 2010. Labor was reallocated from agriculture to non-agriculture. I then develop a dynamic spatial equilibrium model that allows for substitution between factors of production, factor-biased technical change, and factor abundance-based trade to characterize this process. The quantitative analysis indicates that labor–capital substitution played a major role in the adjustments to South-to-North migration.