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New Structural Economics : A Framework for Rethinking Development and Policy

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  • Justin Yifu Lin

Abstract

The new structural economics argues that the best way to upgrade a country's endowment structure is to develop its industries at any specific time according to the comparative advantages determined by its given endowment structure at that time. The economy will be most competitive, the economic surplus will be the largest, and the capital accumulation and the upgrading of factor endowment structure will be the fastest possible. The 'New Structural Economics' presented in this book is an attempt to set out this third wave of development thinking. Taking into account the lessons learned from the growth successes and failures of the last decades, it advances a neoclassical approach to study the determinants and dynamics of economic structure. It postulates that the economic structure of an economy is endogenous to its factor endowment structure and that sustained economic development is driven by changes in factor endowments and continuous technological innovation. The paper also discusses binding constraints to growth in each of these industries' value chains as well as mechanisms through which governance-related issues in the implementation of industrial policy could be addressed.

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Bibliographic Info

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This book is provided by The World Bank in its series World Bank Publications with number 2232 and published in 2012.

ISBN: 978-0-8213-8955-3
Handle: RePEc:wbk:wbpubs:2232

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Web page: https://openknowledge.worldbank.org
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  1. Lin,Justin Yifu, 2011. "Demystifying the Chinese Economy," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521191807.
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Cited by:
  1. Aldaba, Rafaelita M., 2014. "The Philippine Manufacturing Industry Roadmap: Agenda for New Industrial Policy, High Productivity Jobs, and Inclusive Growth," Discussion Papers, Philippine Institute for Development Studies DP 2014-32, Philippine Institute for Development Studies.
  2. Shimada, Go, 2013. "The Economic Implications Of Comprehensive Approach To Learning On Industrial Development (Policy And Managerial Capability Learning):," Working Papers, JICA Research Institute 1001, JICA Research Institute.
  3. Petri, Peter & Thomas, Vinod, 2013. "Development Imperatives for the Asian Century," ADB Economics Working Paper Series, Asian Development Bank 360, Asian Development Bank.
  4. Fan, Shenggen & Kanbur, Ravi & Wei, Shang-Jin & Zhang, Xiaobo, 2014. "The Economics of China: Successes and Challenges," Working Papers, Cornell University, Department of Applied Economics and Management 180153, Cornell University, Department of Applied Economics and Management.
  5. Hinh T. Dinh & CĂ©lestin Monga, 2013. "Light Manufacturing in Tanzania : A Reform Agenda for Job Creation and Prosperity," World Bank Publications, The World Bank, The World Bank, number 15767, August.
  6. Fardoust, Shahrokh & Dhareshwar, Ashok, 2013. "Some thoughts on making long-term forecasts for the world economy," Policy Research Working Paper Series, The World Bank 6705, The World Bank.
  7. Lin, Justin Yifu & Wang, Yan, 2014. "China-Africa co-operation in structural transformation: Ideas, opportunities, and finances," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  8. Lee, Keun & Juma, Calestous & Mathews, John, 2014. "Innovation capabilities for sustainable development in Africa," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).

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