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New Structural Economics: A Framework for Rethinking Development - Justin Yifu Lin

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Economic development is a process of continuous technological innovation and structural transformation. Development thinking is inherently tied to the quest for sustainable growth strategies. This book provides a neoclassical approach for studying the determinants of economic structure and its transformation and draws new insights for development policy. The market is the basic mechanism for effective resource allocation at each level of development. However, economic development as a dynamic process entails structural changes, including industrial upgrading and diversification and corresponding improvements in hard and soft infrastructure. Such upgrading and improvements require coordination and go hand in hand with 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 structural changes. The book provides empirical evidence in support of this framework as well as concrete advice to development practitioners.

Author: Lin, Justin Yifu
Publisher: World Bank Publications
Illustration: Y
Language: ENG
Title: New Structural Economics: A Framework for Rethinking Development
Pages: 00384 (Encrypted EPUB) / 00384 (Encrypted PDF)
On Sale: 2012-01-06
SKU-13/ISBN: 9780821389553
Lib Category: Economic development
Lib Category: Neoclassical school of economics
Category: Political Science : Public Policy - Economic Policy
Category: Business & Economics : Development - Economic Development
Category: Business & Economics : Economics - Theory

(ID 172652569)

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