Comments on “New Structural Economics” by Justin Yifu Lin
Ever since development economics became a field, there has been a search for “the” key to development. Physical capital accumulation, human capital, industrial development, institutional quality, social capital, and a variety of other factors have been the focus at one time or another. As each becam...
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World Bank
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| Online Access: | http://hdl.handle.net/10986/13510 |
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okr-10986-135102021-04-23T14:03:08Z Comments on “New Structural Economics” by Justin Yifu Lin Krueger, Anne capital investment collective action development economics development strategies economic growth Economics externalities human capital intangible labor force Monetary Fund outputs Political Economy productivity real wages rural labor social capital trade liberalization unskilled labor Valuable information Ever since development economics became a field, there has been a search for “the” key to development. Physical capital accumulation, human capital, industrial development, institutional quality, social capital, and a variety of other factors have been the focus at one time or another. As each became the focal point, there was a parallel explicit or implied role of government. If I understand Justin Lin correctly, he is saying that the “new structural economics” (NSE) accepts that earlier thought ignored comparative advantage, which should be market determined, but that growth requires improvements in ‘hard’ (tangible) and ‘soft’ (intangible) infrastructure at each stage. Such upgrading and improvements require coordination and inhere with large externalities to firms' transaction costs and returns to capital investment. Thus, in addition to an effective market mechanism, the government should play an active role in facilitating structural change. 2013-05-21T21:03:22Z 2013-05-21T21:03:22Z 2011-08-01 Journal Article World Bank Research Observer 1564-6971 doi:10.1093/wbro/lkr010 http://hdl.handle.net/10986/13510 en_US World Bank Research Observer;26(2) CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ World Bank World Bank Journal Article East Asia |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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en_US |
| topic |
capital investment collective action development economics development strategies economic growth Economics externalities human capital intangible labor force Monetary Fund outputs Political Economy productivity real wages rural labor social capital trade liberalization unskilled labor Valuable information |
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capital investment collective action development economics development strategies economic growth Economics externalities human capital intangible labor force Monetary Fund outputs Political Economy productivity real wages rural labor social capital trade liberalization unskilled labor Valuable information Krueger, Anne Comments on “New Structural Economics” by Justin Yifu Lin |
| geographic_facet |
East Asia |
| relation |
World Bank Research Observer;26(2) |
| description |
Ever since development economics became a field, there has been a search for “the” key to development. Physical capital accumulation, human capital, industrial development, institutional quality, social capital, and a variety of other factors have been the focus at one time or another. As each became the focal point, there was a parallel explicit or implied role of government.
If I understand Justin Lin correctly, he is saying that the “new structural economics” (NSE) accepts that earlier thought ignored comparative advantage, which should be market determined, but that growth requires improvements in ‘hard’ (tangible) and ‘soft’ (intangible) infrastructure at each stage. Such upgrading and improvements require coordination and inhere with large externalities to firms' transaction costs and returns to capital investment. Thus, in addition to an effective market mechanism, the government should play an active role in facilitating structural change. |
| format |
Journal Article |
| author |
Krueger, Anne |
| author_facet |
Krueger, Anne |
| author_sort |
Krueger, Anne |
| title |
Comments on “New Structural Economics” by Justin Yifu Lin |
| title_short |
Comments on “New Structural Economics” by Justin Yifu Lin |
| title_full |
Comments on “New Structural Economics” by Justin Yifu Lin |
| title_fullStr |
Comments on “New Structural Economics” by Justin Yifu Lin |
| title_full_unstemmed |
Comments on “New Structural Economics” by Justin Yifu Lin |
| title_sort |
comments on “new structural economics” by justin yifu lin |
| publisher |
World Bank |
| publishDate |
2013 |
| url |
http://hdl.handle.net/10986/13510 |
| _version_ |
1764423649342783488 |