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Dynamics of the Venezuelan productive structure: 1950-2012

Author

Listed:
  • José Contreras

    (PhD en Economía. Investigador Senior de Economía de la Oficina de Investigaciones Económicas del Banco Central de Venezuela.)

  • Karelys Medina

    (Lic. en Matemáticas. Analista Financiero I de la Oficina de Investigaciones Económicas del Banco Central de Venezuela.)

Abstract

This research explores the dynamics of the Venezuelan productive structure during the period 1950-2012. Also analyzes the configuration of production, the dynamics of exports, and uses a model of general equilibrium, with heterogeneous sectors regarding the scale, to explain the observed pattern. Results reveal a tendency to create jobs in sectors of low productivity, loss of space in the participation of employment and value-added in the manufacturing sector with specialization in primary products. The equilibrium model predicts that the size of a country is decisive in the primary sector specialization if historically already depended on natural resource intensive sectors. Then, public policy is needed to change the productive structure towards more intensive sectors of knowledge.

Suggested Citation

  • José Contreras & Karelys Medina, 2018. "Dynamics of the Venezuelan productive structure: 1950-2012," Economía, Instituto de Investigaciones Económicas y Sociales (IIES). Facultad de Ciencias Económicas y Sociales. Universidad de Los Andes. Mérida, Venezuela, vol. 43(45), pages 11-48, January-J.
    • Handle: RePEc:ula:econom:v:43:y:2018:i:45:p:11-48
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    References listed on IDEAS

    as
    1. Bárcena Ibarra, Alicia & Prado, Antonio & Abeles, Martín, 2015. "Estructura productiva y política macroeconómica: enfoques heterodoxos desde América Latina," Libros de la CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 39844 edited by Cepal.
    2. Mario Cimoli & Gabriel Porcile & Antonio Martins Neto & Fernando Sossdorf, 2017. "Productivity, social expenditure and income distribution in Latin America," Brazilian Journal of Political Economy, Center of Political Economy, vol. 37(4), pages 660-679.
    3. Giovanni Dosi & Keith Pavitt & Luc Soete, 1990. "The Economics of Technical Change and International Trade," LEM Book Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, number dosietal-1990, March.
    4. Panagariya, Arvind, 1981. "Variable Returns to Scale in Production and Patterns of Specialization," American Economic Review, American Economic Association, vol. 71(1), pages 221-230, March.
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    More about this item

    Keywords

    Productive structure; productivity; exports; returns to scale.;
    All these keywords.

    JEL classification:

    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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