Growth and Structural Transformation
Berthold Herrendorf*, Richard Rogerson† and Ákos Valentinyi‡, *Department of Economics, Arizona State University, Tempe, AZ 85287, USA, †Princeton University & NBER, Princeton, USA, ‡Cardiff Business School, IE-CERSHAS & CEPR, UK
Abstract
Structural transformation refers to the reallocation of economic activity across the broad sectors agriculture, manufacturing, and services. This review article synthesizes and evaluates recent advances in the research on structural transformation. We begin by presenting the stylized facts of structural transformation across time and space. We then develop a multi-sector extension of the one-sector growth model that encompasses the main existing theories ...
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