Structural transformations: A development imperative

Jakopin, Edvard; Bajec, Jurij

doi:10.5937/ekopre1202079j

Ekonomika preduzeca

2012

DOI: 10.5937/ekopre1202079j

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Structural transformations: A development imperative

Edvard Jakopin¹,

Jurij Bajec²

Abstract: Growth and structural change are strongly interrelated. Once we abandon the world of homothetic preferences, neutral productivity growth with no systematic sectoral effect, perfect mobility, and markets that adjust instantaneously, structural change emerges as a central feature of the process of development (Simon Kuznets, 1957)

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Post-crisis reallocation of growth factors

Jakopin¹

2012

Ekon horizonti

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The global recession has once again confi rmed the economic principle stating that economic growth is not a" ainable unless there are continuous structural changes. The transition models of the reallocation of growth factors have demonstrated how ineffi cient they were when the recession struck. A research into the transitional growth of productivity has shown that productivity has primarily been based on an "intrasectoral profi t", not on the so-called "reallocation eff ect". The entire area of SEE is faced with systemic macroeconomic imbalances primarily of a structural character. On the other hand, a comparative analysis of the reform experiences shows that transitional scores depend both on the speed of the undertaken reforms and the starting position. Studies have clearly demonstrated that sustainable economic growth was higher in those transition economies in which reforms were pursued faster than in those that pursued the strategy of incremental development. The crisis brought to the fore the signifi cance of industrial policies that had been sidelined both in theoretical and practical terms. The focus of the post-crisis reallocation of growth factors in the new model of economic growth should be on structural changes steered towards the productive export sectors of the manufacturing industry.

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Post-crisis reallocation of growth factors

Jakopin¹

2012

Ekon horizonti

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Structural transformations: A development imperative

Cited by 1 publication

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Post-crisis reallocation of growth factors

Post-crisis reallocation of growth factors

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