New Structural Economics: A Framework for Rethi. Lin<|

New Structural EconomicsA Framework for Rethinking Development and Policy\nAuthor(s): Justin Yifu Lin\nFormat: Paperback\nPublisher: World Bank Publications, United States\nImprint: World Bank Publications\nISBN-13: 9780821389553, 978-0821389553\nSynopsis\nEconomic 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 co-ordination and go hand in hand with large externa.