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Sectoral Trends and Shocks in Australia's Economic Growth

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  • Kym Anderson

Abstract

This paper examines the extent to which sectoral trends and fluctuations in the Australian economy can be understood using international trade theory and knowledge of key policy developments. It suggests they are consistent with theory, but it also reveals several features that make Australia’s economy unusual. The most striking are the facts that (1) the agricultural sector’s share of GDP remained fairly constant rather than falling during 1860- 1960 and even during the latest mining boom; and (2) the farm sector continued to enjoy a strong comparative advantage despite periodic spurts of growth in mining exports.
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  • Kym Anderson, 2017. "Sectoral Trends and Shocks in Australia's Economic Growth," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 57(1), pages 2-21, March.
    • Handle: RePEc:bla:ozechr:v:57:y:2017:i:1:p:2-21
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    File URL: http://hdl.handle.net/10.1111/aehr.12130
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    1. Julian M. Alston & Kym Anderson & Philip G. Pardey & John Freebairn, 2016. "Antipodean agricultural and resource economics at 60: booming sector economics," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 60(4), pages 633-646, October.
    2. Julian M. Alston & Kym Anderson & Philip G. Pardey & Bill Malcolm & Vic Wright, 2016. "Antipodean agricultural and resource economics at 60: farm management," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 60(4), pages 516-530, October.
    3. Kym Anderson & Peter Lloyd & Donald Maclaren, 2007. "Distortions to Agricultural Incentives in Australia Since World War II," The Economic Record, The Economic Society of Australia, vol. 83(263), pages 461-482, December.
    4. Kym Anderson, 1987. "On Why Agriculture Declines with Economic Growth," Agricultural Economics, International Association of Agricultural Economists, vol. 1(3), pages 195-207, October.
    5. Kym Anderson & William A. Masters, 2009. "Distortions to Agricultural Incentives in Africa," World Bank Publications - Books, The World Bank Group, number 2607.
    6. Kym Anderson, 2009. "Distortions to Agricultural Versus Nonagricultural Producer Incentives," Annual Review of Resource Economics, Annual Reviews, vol. 1(1), pages 55-74, September.
    7. Edwards, Geoff & Bates, Winton, 2016. "Antipodean agricultural and resource economics at 60: agricultural adjustment," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 60(4), October.
    8. Freebairn, John, 2015. "Mining booms and the exchange rate," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 59(4), October.
    9. Anderson, Kym, 2009. "Five Decades of Distortions to Agricultural Incentives," Agricultural Distortions Working Paper Series 48742, World Bank.
    10. Anthony J. Venables, 2016. "Using Natural Resources for Development: Why Has It Proven So Difficult?," Journal of Economic Perspectives, American Economic Association, vol. 30(1), pages 161-184, Winter.
    11. Julian M. Alston & Kym Anderson & Philip G. Pardey & John C. Quiggin & Jock R. Anderson, 2016. "Antipodean agricultural and resource economics at 60: risk and uncertainty," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 60(4), pages 535-549, October.
    12. World Bank, 2015. "World Development Indicators 2015," World Bank Publications - Books, The World Bank Group, number 21634.
    13. Julian M. Alston & Kym Anderson & Philip G. Pardey & Brian S. Fisher, 2016. "Antipodean agricultural and resource economics at 60: climate change policy and energy transition," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 60(4), pages 692-705, October.
    14. World Bank, 2016. "World Development Indicators 2016," World Bank Publications - Books, The World Bank Group, number 23969.
    15. Peter Lloyd & Donald MacLaren, 2015. "Relative assistance to Australian agriculture and manufacturing since Federation," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 59(2), pages 159-170, April.
    16. Christian Gillitzer & Jonathan Kearns, 2005. "Long-term Patterns in Australia’s Terms of Trade," RBA Research Discussion Papers rdp2005-01, Reserve Bank of Australia.
    17. Julian M. Alston & Kym Anderson & Philip G. Pardey & Jeff Bennett & Alan Randall, 2016. "Antipodean agricultural and resource economics at 60: environmental economics," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 60(4), pages 672-687, October.
    18. Julian M. Alston & Kym Anderson & Philip G. Pardey & David Pannell & Graeme Doole & Jimmy Cheung, 2016. "Antipodean agricultural and resource economics at 60: natural resource management," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 60(4), pages 651-667, October.
    19. Herrendorf, Berthold & Rogerson, Richard & Valentinyi, Ákos, 2014. "Growth and Structural Transformation," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 2, chapter 6, pages 855-941, Elsevier.
    20. Anderson, Kym, 1998. "Are resource-abundant economies disadvantaged?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 42(1), pages 1-23.
    21. Maddock, Rodney & McLean, Ian, 1984. "Supply-Side Shocks: The Case of Australian Gold," The Journal of Economic History, Cambridge University Press, vol. 44(4), pages 1047-1067, December.
    22. Smith, Brock, 2015. "The resource curse exorcised: Evidence from a panel of countries," Journal of Development Economics, Elsevier, vol. 116(C), pages 57-73.
    23. Anderson,Kym (ed.), 1992. "The New Silk Roads," Cambridge Books, Cambridge University Press, number 9780521392785, September.
    24. Corden, W M, 1984. "Booming Sector and Dutch Disease Economics: Survey and Consolidation," Oxford Economic Papers, Oxford University Press, vol. 36(3), pages 359-380, November.
    25. Polyakov, Maksym & Gibson, Fiona L. & Pannell, David J., 2016. "Antipodean agricultural and resource economics at 60: Trends in topics, authorship and collaboration," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 60(4), October.
    26. Kym Anderson & Will Martin, 2009. "Distortions to Agricultural Incentives in Asia," World Bank Publications - Books, The World Bank Group, number 2611.
    27. Julian M. Alston & Kym Anderson & Philip G. Pardey & Julian M. Alston & Philip G. Pardey, 2016. "Antipodean agricultural and resource economics at 60: agricultural innovation," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 60(4), pages 554-568, October.
    28. Leamer, Edward E, 1987. "Paths of Development in the Three-Factor, n-Good General Equilibrium Model," Journal of Political Economy, University of Chicago Press, vol. 95(5), pages 961-999, October.
    29. Anderson, Kym & Swinnen, Johan F.M., 2009. "Distortions to Agricultural Incentives in Eastern Europe and Central Asia," Agricultural Distortions Working Paper Series 48624, World Bank.
    30. Syrquin, Moshe & Chenery, Hollis, 1989. "Three decades of industrialization," MPRA Paper 32771, University Library of Munich, Germany.
    31. Alan V. Deardorff, 1984. "An Exposition and Exploration of Krueger's Trade Model," Canadian Journal of Economics, Canadian Economics Association, vol. 17(4), pages 731-746, November.
    32. Kym Anderson, 2009. "Distortions to Agricultural Incentives : A Global Perspective, 1955-2007," World Bank Publications - Books, The World Bank Group, number 9436.
    33. Venables, Anthony J., 2004. "Small, remote and poor?," World Trade Review, Cambridge University Press, vol. 3(3), pages 453-457, November.
    34. Terutomo Ozawa, 2009. "The Rise of Asia," Books, Edward Elgar Publishing, number 13084.
    35. Anderson, Kym, 2009. "Political Economy of Distortions to Agricultural Incentives: Introduction and Summary," Agricultural Distortions Working Paper Series 50306, World Bank.
    36. Martin, Will & Mitra, Devashish, 2001. "Productivity Growth and Convergence in Agriculture versus Manufacturing," Economic Development and Cultural Change, University of Chicago Press, vol. 49(2), pages 403-422, January.
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    Cited by:

    1. Kym Anderson & Sundar Ponnusamy, 2019. "Structural Transformation to Manufacturing and Services: What Role for Trade?," Asian Development Review, MIT Press, vol. 36(2), pages 32-71, September.
    2. Kym Anderson, 2019. "Australian Wine Industry Competitiveness: Why so Slow to Emerge?," World Scientific Book Chapters, in: Kym Anderson (ed.), The International Economics of Wine, chapter 12, pages 283-308, World Scientific Publishing Co. Pte. Ltd..
    3. Kym Anderson, 2020. "Trade Protectionism In Australia: Its Growth And Dismantling," Journal of Economic Surveys, Wiley Blackwell, vol. 34(5), pages 1044-1067, December.

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    More about this item

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • Q17 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agriculture in International Trade

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