Cycles, Growth and Structural Change

Cycles, Growth and Structural Change
Author: Lionello F Punzo
Publisher: Routledge
Total Pages: 415
Release: 2003-09-02
Genre: Business & Economics
ISBN: 1134530005

This volume gathers together key new contributions on the subject of the relationship, both empirical and theoretical, between economic oscillations, growth and structural change. Employing a sophisticated level of mathematical modelling, the collection contains articles from, amongst others, William Baumol, Katsuhito Iwai and William Brock.

Growth and Structural Transformation

Growth and Structural Transformation
Author: Kwang Suk Kim
Publisher: BRILL
Total Pages: 224
Release: 2020-03-17
Genre: History
ISBN: 1684172195

This study provides a comprehensive overview of Korea’s macroeconomic growth and structural change since World War II, and traces some of the roots of development to the colonial period. The authors explore in detail colonial development, changing national income patterns, relative price shifts, sources of aggregate growth, and sources of sectoral structural change, comparing them with other countries.

Structural Change and Business Cycles

Structural Change and Business Cycles
Author: André Lorentz
Publisher:
Total Pages: 0
Release: 2010
Genre:
ISBN:

The aim of this paper is to account for both the short-run fluctuations and the very-long run transformations induced by technological change in analysing long-run growth patterns. The paper investigates the possible imprint left by short-run fluctuations on the long run dynamics by affecting the mechanisms underlying structural change. To fulfil this aim, we revert to a growth model with evolutionary microfounded structural change. The model endogenies both technical change and changes in patterns of final and intermediate demand as affecting macro-economic growth, through the structural change of the economy. This work is in line with the attempts to embracing in a unifying framework both neo-Schumpeterian and Keynesian line of thoughts in explaining economic growth. This model directly extends the one presented in Lorentz and Savona (2008). The paper reverts to numerical simulations to investigate both the imprint of various business cycles scenarios on the structural change patterns and the effect of various structural change scenarios on the amplitude of business cycles. We carry out the numerical simulation on the basis of the actual I-O coefficients for Germany. These numerical simulations show us that one the one hand, the factor at the source of business cycles drastically affect the patterns of structural change. On the other hand, the mechanisms at the core of structural change, generates business cycles as a by-product. -- Structural Change ; Technical Change ; Economic Growth ; Short-run Fluctuations

Cycles, Growth and Structural Change

Cycles, Growth and Structural Change
Author: Lionello F Punzo
Publisher: Routledge
Total Pages: 415
Release: 2003-09-02
Genre: Business & Economics
ISBN: 1134530013

This volume gathers together key new contributions on the subject of the relationship, both empirical and theoretical, between economic oscillations, growth and structural change. Employing a sophisticated level of mathematical modelling, the collection contains articles from, amongst others, William Baumol, Katsuhito Iwai and William Brock.

Building Cycles

Building Cycles
Author: Richard Barras
Publisher: John Wiley & Sons
Total Pages: 448
Release: 2009-08-13
Genre: Business & Economics
ISBN: 9781444310016

The global economic crisis of 2008 was precipitated by a housing market crash, thus highlighting the destabilizing influence of the property cycle upon the wider economy. This timely book by a world authority explores why cycles occur and how they affect the behaviour of real estate markets. The central argument put forward is that growth and instability are inextricably linked, and that building investment acts both as a key driver of growth and as the source of the most volatile cyclical fluctuations in an economy. The role of building cycles in both economic growth and urban development is explored through a theoretical review and a comparative historical analysis of UK and US national data stretching back to the start of the nineteenth century, together with a case study of the development of London since the start of the eighteenth century. A simulation model of the building cycle is presented and tested using data for the City of London office market. The analysis is then broadened to examine the operation of property cycles in global investment markets during the post-war period, focussing on their contribution to the diffusion of innovation, the accumulation of wealth and the propagation of market instability. Building Cycles: growth & instability concludes by synthesizing the main themes into a theoretical framework, which can guide our understanding of the operation and impact of building cycles on the modern economy. Postgraduate students on courses in property and in urban development as well as professional property researchers, urban economists and planners will find this a stimulating read – demanding but accessible.

The Global Trade Slowdown

The Global Trade Slowdown
Author: Cristina Constantinescu
Publisher: International Monetary Fund
Total Pages: 44
Release: 2015-01-21
Genre: Business & Economics
ISBN: 1498399134

This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses an empirical strategy based on an error correction model to assess whether the global trade slowdown is structural or cyclical. An estimate of the relationship between trade and income in the past four decades reveals that the long-term trade elasticity rose sharply in the 1990s, but declined significantly in the 2000s even before the global financial crisis. These results suggest that trade is growing slowly not only because of slow growth of Gross Domestic Product (GDP), but also because of a structural change in the trade-GDP relationship in recent years. The available evidence suggests that the explanation may lie in the slowing pace of international vertical specialization rather than increasing protection or the changing composition of trade and GDP.

Profit Cycles, Oligopoly, and Regional Development

Profit Cycles, Oligopoly, and Regional Development
Author: Ann Markusen
Publisher:
Total Pages: 0
Release: 2008-07
Genre:
ISBN: 9780262512206

This book develops a theory that radically reconceptualizes the economic forces producing regional change and tests it empirically for a set of fifteen sectors in the U.S. It offers a pioneering approach which should enable planners and managers to better cope with baffling changes in the current economic viability of regions. The dramatic shifts in heartland regional economies in the U.S. and other advanced industrial countries have thrown into question the ability of capitalist development to produce permanent growth, economic well being, and balanced regional development. This book develops a theory that radically reconceptualizes the economic forces producing regional change and tests it empirically for a set of fifteen sectors in the U.S. It offers a pioneering approach which should enable planners and managers to better cope with baffling changes in the current economic viability of regions. Traditional theories of regional development have failed to account for innovation and longrun structural change. They have ignored the role of corporate strategy and the existence of market power. Markusen's profit-cycle theory provides a key to understanding how, why, and when a region's leading industries undergo major changes. The theory is synthetic, building upon Schumpeterian and Marxist work on innovation and capitalist dynamics, upon the product cycle theories of business economists, and upon theories of oligopolistic behavior. Markusen argues that changing sources of profitability along an industry's evolutionary path will first concentrate and later disperse production geographically, setting in motion a methodically destabilizing process for regional economies. The profit-cycle theory is tested in depth against the steel sector's experience over a century, and against the experiences of sectors in different stages of development, ranging from innovative ones like semiconductors and computers, to mature and troubled sectors like automobiles, textiles, and lumber. The temporal and crosssectional data drawn from the census of manufactures support the theory and its spatial hypotheses. In a final chapter Markusen explores the implications of the research for regional development.

Business Cycle During Structural Change

Business Cycle During Structural Change
Author: Kjetil Storesletten
Publisher:
Total Pages: 0
Release: 2019
Genre:
ISBN:

We document that the nature of business cycles evolves over the process of development and structural change. In countries with large declining agricultural sectors, aggregate employment is uncorrelated with GDP. During booms, employment in agriculture declines while labor productivity increases in agriculture more than in other sectors. We construct a unified theory of business cycles and structural change consistent with the stylized facts. The focal point of the theory is the simultaneous decline and modernization of agriculture. As capital accumulates, agriculture becomes increasingly capital intensive as modern agriculture crowds out traditional agriculture. Structural change accelerates in booms and slows down in recessions. We estimate the model and show that it accounts well for both the structural transformation and the business cycle fluctuations of China.

The Role of Innovation and Entrepreneurship in Economic Growth

The Role of Innovation and Entrepreneurship in Economic Growth
Author: Michael J Andrews
Publisher: University of Chicago Press
Total Pages: 633
Release: 2022-03-17
Genre: Business & Economics
ISBN: 022681078X

"Innovation and entrepreneurship are ubiquitous today, both as fields of study and as starting points for conversations among experts in government and economic development. But while these areas on continue to attract public and private investments, many measurements of their resulting economic growth-including productivity growth and business dynamism-have remained modest. Why this difference? Because not all business sectors are the same, and the transformative gains of some industries have been offset by stagnation or contraction in others. Accordingly, a nuanced understanding of the economy requires a nuanced understanding of where innovation and entrepreneurship occur and where they matter. Answering these questions allows for strategic public investment and the infrastructure for economic growth.The Role of Innovation and Entrepreneurship in Economic Growth, the latest entry in the NBER conference series, seeks to codify these answers. The editors leverage industry studies to identify specific examples of productivity improvements enabled by innovation and entrepreneurship, including those from new production technologies, increased competition, new organizational forms, and other means. Taken together, the volume illuminates whether the contribution of innovation and entrepreneurship to economic growth is likely to be concentrated, be it selected sectors or more broadly"--

Business Cycles and Structural Change in South Africa

Business Cycles and Structural Change in South Africa
Author: Willem H. Boshoff
Publisher: Springer Nature
Total Pages: 297
Release: 2020-04-20
Genre: Business & Economics
ISBN: 3030357546

This book investigates the South African business cycle and its links to structural change in the economy. Against the backdrop of the democratic transition in 1994 and the global financial crisis, the authors study how business cycles in South Africa have changed and how cycles are related to key developments in the financial markets, international trade and business sentiment in the country. By focusing on peaks and troughs in economic activity – so-called ‘turning-point cycles’ – the book links up with the common approach of international policymakers to studying fluctuations in economic activity. The authors also introduce new approaches to measuring phases of the business cycle (to understand slow recoveries after the global crisis), provide comprehensive descriptions to complement quantitative analyses, and utilize new data sources that allow the measurement of economic activity over longer periods. As such, the book provides the first integrated overview of business cycles in an emerging market, providing academics and policymakers with a better understanding of the measurement challenges and drivers of the cycle.