Author(s)

Jeffrey Yi-Lin Forrest¹, Huachun Zhao², Lawrence Shao³

¹School of Business, Slippery Rock University, Slippery Rock, PA, USA.
²School of Economics and Finance, Jiangxi Normal University, Nanchang, China.
³College of Business, Slippery Rock University, Slippery Rock, PA, USA.

Being able to emulate the Industrial Revolution has been the dream of many developing countries in the past one hundred plus years. However, the mainstream economics has not been able to preciously figure out what a nation should do to detonate its desired economic takeoff. Based on the recent research development in the area of development economics, this paper presents a detailed procedure on how to engineer the occurrence and evolution of industrial revolutions for an impoverished agrarian nation. This procedure is developed on top of two theorems that are first intuitively seen through the systemic yoyo model and then rigorously proven by using game theory. So, other than its theoretical value to economics, what’s presented in this paper is expected to be able to bring tangible economic benefits for developing nations in the years to come.

Light Consumer/Industrial Good, Market Fermentation, Nash Equilibrium, Systemic Yoyo Model, Textile

Forrest, J. , Zhao, H. and Shao, L. (2018) Engineering Rapid Industrial Revolutions for Impoverished Agrarian Nations. Theoretical Economics Letters, 8, 2594-2630. doi: 10.4236/tel.2018.811166.