분석과 대안 (Analyses & Alternatives)

  • 제6권1호
  • /
  • Pages.195-222
  • /
  • 2022
  • /
  • 2508-822X(pISSN)
  • /
  • 2508 - 8238(eISSN)
사단법인 코리아컨센서스연구원 (Korea Consensus Institute(KCI))
권호 표지
DOI QR코드

DOI QR Code

Structural Change as a Source of Growth: An Empirical Evidence from OECD Countries

  • 투고 : 2022.02.15
  • 심사 : 2022.03.04
  • 발행 : 2022.03.31
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

From the economic development perspective, economic growth should accompany structural improvement in order to meet complex demands from a society. In the context of development economics, economic growth is critically dependent on successful structural advancement. The issue of structural change is also important for advanced economies as the landscape of modern industry is changing fast. Many advanced countries of slow growth are experiencing dawdling changes in industry structure. However, there is no definitive answer to the question of whether there is a causal relationship between structural change and growth. This study empirically assesses the relationship between structural change or 'speed' thereof and economic growth in developed countries of OECD. Rather than looking into the causes of structural changes, this study simply measures structural changes in OECD economies and examines if structural change is really contributing to growth. The reason why this study focuses on advanced countries of OECD is rather obvious; technological innovation and emergence of new industries pressure these countries to restructure their economies to address these new challenges though they are at stages well beyond conventional industrialization. And structural rigidity can always limit growth even in advanced countries. The main results of this study can be summarized as a positive relationship between 'change and growth'. 'Change' in this study refers to changes in the industrial structure based on value-added and was analyzed to have a close positive relationship with economic growth. This result is consistent with arguments of early development economists emphasizing structural upgrade as an indispensable process for growth and development. The result of this study potentially confirms that the main argument of development economics is valid also for advanced economies. One of our results suggests that business/professional services and social services should be main targets for restructuring for advanced economies. The rational may be that rapid convergence of manufacturing and services is a key for structural advancement in the era of new technologies. Obviously, as manufacturing technology and production are standardized, it is difficult to secure international competitiveness through traditional manufacturing alone and the role of R&D, design, logistics, and marketing is becoming more important.

키워드

과제정보

This work was conducted during the research year supported by Hanyang University (2012.3. ~ 2020.2.).

참고문헌

  1. Adilson, F., Joao, G., Pereimaa, B. and Einlof, P. (2017). The incorporation of structural change into gowth theory: A historical appraisal. EconomiA, 18: 392-410. https://doi.org/10.1016/j.econ.2017.05.003
  2. Baumol, W. and Bowen, W. (1966). Performing Arts, The Economic Dilemma: a study of problems common to theater, opera, music, and dance. Cambridge, M.I.T. Press.
  3. Cantore. N. and Lennor. C. (2016) Fast and Furious. A Kaldorian Analysis of Dynamic Industries. UNIDO Working Paper 5/2016, UNIDO Vienna.
  4. Cecchetti, S. and Kharroubi, E. (2015). Why does financial sector growth crowd out real economic growth?. BIS Working Papers No 490.
  5. Dietrich, A. (2012). Does growth cause structural change, or is it the other way around? A dynamic panel data analysis for seven OECD countries, Empirical Economics, 43(3): 915-944. https://doi.org/10.1007/s00181-011-0510-z
  6. Doyle, E. (1997). Structural change in Ireland: The contribution of sectoral employment distribution to labour productivity convergence between Ireland and the EU: 1970-1990. Journal of Economic Research, 24(1/2).
  7. Fister-McGregor, N. and Verspagen. B. (2016). The Role of Structural Change in the Economic Development of Asian Economies. Asian Develolpment Review, 33(2): 74-93. https://doi.org/10.1162/ADEV_a_00073
  8. Jones, C. and Romer, P. (2010). The New Kaldor Facts: Ideas, Institutions, Population, and Human Capital. The American Economic Journal: Macroeconomics, 2(1): 224-45. https://doi.org/10.1257/mac.2.1.224
  9. Jorgenson, D. and Timmer, M. (2011). Structural Change in Advanced Nations: A New Set of Stylised Facts. Scandinavian Journal of Economics: 113(1): 1-29. https://doi.org/10.1111/j.1467-9442.2010.01637.x
  10. Kang, M., Han, H., et., al. (2021). Understanding the Korean Economy(in Korean). Parkyoungsa, Seoul.
  11. Kim, C. (2019). Economic Development of Korea. World Scientific Publishing Co. Singapore.
  12. Lucas RE Jr. (1988). On the mechanics of economic development. Journal of monetary economics, 22(1): 3-42. https://doi.org/10.1016/0304-3932(88)90168-7
  13. Marconia. N., Froes. C. and Cristina deAraujo, E. (2016). Manufacturing and economic development: The actuality of Kaldor's first and second laws. Structural Change and Economic Dynamics, 37: 75-89. https://doi.org/10.1016/j.strueco.2015.12.002
  14. OECD, STAN DB: https://stats.oecd.org/
  15. Sen, A. (2014). Development as freedom, The globalization and develop- ment reader: Perspectives on development and global change, 525.
  16. Szimir, A. (2012). Industrialization as an engine of growth in developing countries, 1950-2005. Structural Change and Economic Dynamics, 23(4): 406-420. https://doi.org/10.1016/j.strueco.2011.01.005
  17. Thirlwall, A. (1983). Plain Man's Guide to Kaldor's Growth Laws. Journal of Post Keynesian Economics, 5(3): 345-358. https://doi.org/10.1080/01603477.1983.11489375