No.4 | Justin Yifu Lin & Yong Wang: Remodeling Structural Change
Remodeling Structural Change
Justin Yifu Lin and Yong Wang
Center for New Structural Economics, Peking University June 5, 2017
In this paper, we first briefly review the current dominant framework for macro-development analysis, which is structureless. Then we explain why structures are important for us to understand economic development and how the existing mainstream literature has largely failed in incorporating economic structures in the most e§ective way. Next, we formally introduce the theoretical model in Ju, Lin and Wang (2015, Journal of Monetary Economics) as a benchmark model of New Structural Economics, followed by discussions on several extensions to the benchmark model.
Key Words: New Structural Economics, Endowment Structures, Industrial Dynamics, Economic Growth, Viability, Structural Change
JEL Classifications: O11, O14, O33, O41
To download the article, please click HERE