Industrial Structural Change, Growth Patterns, and Industrial Policy

Abstract

Economic growth and development are intrinsically linked to changes in the structure of economic activity. Diversification away from agriculture into manufacturing and, eventually, services (intersectoral structural change), triggers a process of sustained growth. As the share of the total workforce in the primary sector declines in favor of the manufacturing (secondary) and service (tertiary) sectors, the intersectoral process of resource allocation results in systemic changes in the composition of domestic demand, generating a continuous rise in the level of skills, productivity and wages, and, as a consequence, increasing consumer purchasing power. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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