New Structural Economics by Justin Yifu Lin

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Economic development is a process of continuous technological innovation and structural transformation. Development thinking is inherently tied to the quest for sustainable growth strategies. This book provides a neoclassical approach for studying the determinants of economic structure and its transformation and draws new insights for development policy. The market is the basic mechanism for effective resource allocation at each level of development. However, economic development as a dynamic process entails structural changes, including industrial upgrading and diversification and corresponding improvements in hard and soft infrastructure. Such upgrading and improvements require coordination and go hand in hand with large externalities to firms' transaction costs and returns to capital investment. Thus, in addition to an effective market mechanism, the government should play an active role in facilitating structural changes. The book provides empirical evidence in support of this framework as well as concrete advice to development practitioners.

About Justin Yifu Lin

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Justin Yifu Lin is founding director and professor of the China Centre for Economic Research at Peking University. From 2008 to 2012, he served as chief economist and senior vice president of the World Bank. His many books include "Demystifying the Chinese Economy" and "Economic Development and Transition". He is a corresponding fellow of the British Academy, and a fellow of the World Academy of Sciences for the Developing World.
Published January 6, 2012 by world bank publications. 384 pages
Genres: Business & Economics, Political & Social Sciences. Non-fiction

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