Publication: New Structural Economics : A Framework for Rethinking Development
| dc.contributor.author | Lin, Justin Yifu | |
| dc.date.accessioned | 2013-05-21T20:52:23Z | |
| dc.date.available | 2013-05-21T20:52:23Z | |
| dc.date.issued | 2011-08-01 | |
| dc.description.abstract | As strategies for achieving sustainable growth in developing countries are re-examined in light of the financial crisis, it is critical to take into account structural change and its corollary, industrial upgrading. Economic literature has devoted a great deal of attention to the analysis of technological innovation, but not enough to these equally important issues. The new structural economics outlined in this paper suggests a framework to complement previous approaches in the search for sustainable growth strategies. It takes the following into consideration. First, an economy's structure of factor endowments evolves from one level of development to another. Therefore, the optimal industrial structure of a given economy will be different at different levels of development. Each industrial structure requires corresponding infrastructure (both “hard” and “soft”) to facilitate its operations and transactions. Second, each level of economic development is a point along the continuum from a low-income agrarian economy to a high-income industrialized economy, not a dichotomy of two economic development levels (“poor” versus “rich” or “developing” versus “industrialized”). Industrial upgrading and infrastructure improvement targets in developing countries should not necessarily draw from those that exist in high-income countries. Third, at each given level of development, the market is the basic mechanism for effective resource allocation. However, economic development as a dynamic process requires industrial upgrading and corresponding improvements in “hard” and “soft” infrastructure at each level. Such upgrading entails large externalities to firms' transaction costs and returns to capital investment. Thus, in addition to an effective market mechanism, the government should play an active role in facilitating industrial upgrading and infrastructure improvements." | en |
| dc.identifier.citation | World Bank Research Observer | |
| dc.identifier.doi | 10.1596/13507 | |
| dc.identifier.issn | 1564-6971 | |
| dc.identifier.issn | doi:10.1093/wbro/lkr007 | |
| dc.identifier.uri | https://hdl.handle.net/10986/13508 | |
| dc.language.iso | en_US | |
| dc.publisher | World Bank | |
| dc.relation.ispartofseries | World Bank Research Observer | |
| dc.rights | CC BY-NC-ND 3.0 IGO | |
| dc.rights.holder | World Bank | |
| dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ | |
| dc.subject | classical economists | |
| dc.subject | development agencies | |
| dc.subject | diminishing returns | |
| dc.subject | economic development | |
| dc.subject | economic growth | |
| dc.subject | economic historians | |
| dc.subject | economic theories | |
| dc.subject | Economics | |
| dc.subject | economists | |
| dc.subject | externalities | |
| dc.subject | financial crisis | |
| dc.subject | growth theories | |
| dc.subject | growth theory | |
| dc.subject | human capital | |
| dc.subject | income | |
| dc.subject | industrialization | |
| dc.subject | marginal cost | |
| dc.subject | per capita income | |
| dc.subject | production functions | |
| dc.subject | structural change | |
| dc.title | New Structural Economics : A Framework for Rethinking Development | en |
| dc.type | Journal Article | en |
| dc.type | Article de journal | fr |
| dc.type | Artículo de revista | es |
| dspace.entity.type | Publication | |
| okr.crosscuttingsolutionarea | Jobs | |
| okr.date.disclosure | 2013-02-01 | |
| okr.date.doiregistration | 2025-05-06T11:24:51.755976Z | |
| okr.doctype | Journal Article | |
| okr.globalpractice | Macroeconomics and Fiscal Management | |
| okr.globalpractice | Social Protection and Labor | |
| okr.globalpractice | Poverty | |
| okr.globalpractice | Finance and Markets | |
| okr.globalpractice | Trade and Competitiveness | |
| okr.guid | 368751468181776674 | |
| okr.identifier.report | 81422 | |
| okr.journal.nbpages | 193-221 | |
| okr.language.supported | en | |
| okr.peerreview | Academic Peer Review | |
| okr.region.country | Brazil | |
| okr.region.country | China | |
| okr.region.country | India | |
| okr.region.geographical | South Asia | |
| okr.topic | Finance and Financial Sector Development::Access to Finance | |
| okr.topic | Finance and Financial Sector Development::Banks & Banking Reform | |
| okr.topic | Finance and Financial Sector Development::Debt Markets | |
| okr.topic | Macroeconomics and Economic Growth::Economic Growth | |
| okr.topic | Macroeconomics and Economic Growth::Economic Theory & Research | |
| okr.topic | Macroeconomics and Economic Growth::Political Economy | |
| okr.topic | Poverty Reduction::Inequality | |
| okr.topic | Poverty Reduction::Pro-Poor Growth | |
| okr.topic | Private Sector Development::Emerging Markets | |
| okr.topic | Social Protections and Labor::Labor Policies | |
| okr.volume | 26(2) | |
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