Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/194885 
Authors: 
Year of Publication: 
2017
Citation: 
[Journal:] Journal of Economic Structures [ISSN:] 2193-2409 [Volume:] 6 [Issue:] 19 [Publisher:] Springer [Place:] Heidelberg [Year:] 2017 [Pages:] 1-30
Publisher: 
Springer, Heidelberg
Abstract: 
The three-sector framework (relating to agriculture, manufacturing, and services) is one of the major concepts for studying the long-run dynamics of the economic structure. We summarize the empirical/theoretical literature consensus by formulating 'economic laws' of long-run structural change in the three-sector framework. Based on these laws, we derive the (qualitative/geometrical) properties of the dynamic system describing the structural change and apply the standard concepts/theorems of dynamic systems analysis (e.g., omega limit sets) to derive the implications of these laws for the future (transitional and limit) structural dynamics in developed and developing countries. The advantage of this system theoretical approach is that it minimizes the dependence of the predictions on theoretical/ideological arguments, which are often criticized in economics.
Subjects: 
Structural change
Labor
Re-allocation
Sectors
Agriculture
Manufacturing
Services
Long run
Dynamics
Trajectory
Geometry
Simplex
Dynamic systems
JEL: 
C61
C65
O41
O14
Persistent Identifier of the first edition: 
Creative Commons License: 
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Document Type: 
Article

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