Long-run sectoral development: Time-series evidence for the German economy |
| |
Authors: | Andreas Dietrich Jens J Krüger |
| |
Institution: | Darmstadt University of Technology, Department of Law and Economics, Residenzschloss, Marktplatz 15, D-64283 Darmstadt, Germany |
| |
Abstract: | In economic development, long-run structural change among the three main sectors of an economy follows a typical pattern with the primary sector (agriculture, mining) first dominating, followed by the secondary sector (manufacturing) and finally by the tertiary sector (services) in terms of employment and value added. We reconsider the verbal theoretical work of Fourastié and build a simple model encompassing its main features, most notably the macroeconomic influences on the sectoral development. Estimation and analysis with German data for the period 1850–2001 show that this model is quite capable of replicating the empirical facts. |
| |
Keywords: | |
本文献已被 ScienceDirect 等数据库收录! |
|