An evolutionary model of industrial growth and structural change
This paper explores the rules which regulate market shares dynamics within industries jointly with the mechanisms underpinning a process of general evolution in which n sectors grow at different rates and structural change takes place. It introduces a selection equation, which allows for selection within and between sectors and explores the forces that can account for the differential growth of different industries. Sectoral and aggregate productivity growth rates depend upon a sorting and a selection mechanism between and within sectors, which continuously changes the relative position of competing firms. This paper generalises Metcalfe’s Fisher Principle (Metcalfe, 1998) results to a multi-sectoral economy.
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