Economic development and industrial structure - an overview

Abstract

This essay offers a selective review of central issues related to economic growth. The interrelationship between technological progress, capital accumulation, specialisation and industrial structure is emphasised. It is conc1uded that, first, there is little evidence that industrial structure plays an independent role for growth. Second, economists have been more successful in explaining the consequences of technological progress than the determinants of technological progress. However, even the consequences are not well understood, and there is still a long way to go before general and well-documented policy implications can be drawn