Growth and structural transformation

Herrendorf, Berthold, Rogerson, Richard and Valentinyi, Akos ORCID: https://orcid.org/0000-0002-9166-7489 2013. Growth and structural transformation. [Working Paper]. NBER Working Paper, vol. 18996. Cambridge, MA: National Bureau of Economic Research. Available at: http://www.nber.org/papers/w18996

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Abstract

Structural transformation refers to the reallocation of economic activity across the broad sectors agriculture, manufacturing and services. This review article synthesizes and evaluates recent advances in the research on structural transformation. We begin by presenting the stylized facts of structural transformation across time and space. We then develop a multi–sector extension of the one–sector growth model that encompasses the main existing theories of structural transformation. We argue that this multi–sector model serves as a natural benchmark to study structural transformation and that it is able to account for many salient features of structural transformation. We also argue that this multi–sector model delivers new and sharper insights for understanding economic development, regional income convergence, aggregate productivity trends, hours worked, business cycles, and wage inequality. We conclude by suggesting several directions for future research on structural transformation.

Item Type:	Monograph (Working Paper)
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > HB Economic Theory H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management H Social Sciences > HG Finance
Publisher:	National Bureau of Economic Research
Last Modified:	24 Oct 2022 11:27
URI:	https://orca.cardiff.ac.uk/id/eprint/48172

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