New Structural Economics - 9780821389553

This volume reports on the findings of a research program on new structural economics, conducted while Lin was a chief economist and senior vice president of the World Bank from 2008 to 2011. He attempts to outline a new type of development thinking that takes into account the growth successes and failures of the past decades and uses a neoclassical approach to study the determinants and dynamics of economic structure. He argues that the structure of an economy is based on the structure of its factor endowments (land, labor, or capital) and that sustained economic development is driven by changes in factor endowments and continuous technological innovation. He reviews the evolution of development thinking and the arguments of his approach; shows how it complements previous thinking on development and growth; and outlines a growth identification and facilitation framework for policy makers to facilitate structural change based on his approach, including how to identify new industries consistent with a country's comparative advantage, issues involved in industrial upgrading, and government policies to overcome them. He details how to apply this framework in developing countries, using Nigeria as an example; the question of financial structure and development; and the evidence that countries have higher growth, lower economic volatility, and less inequality using the strategy. Some chapters end with the comments of his colleagues and his responses to them. Annotation ©2012 Book News, Inc., Portland, OR (booknews.com)