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Growth in the Industrial Sector

In: Economic Growth in Theory and Practice

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  • R. M. Sundrum

Abstract

Industrialisation is the process in which there is a sharp increase in the industrial share of GDP and of the labour force. It is thus the process by which the centre of gravity of the economy shifts from agriculture to industry. The process is also marked by a significant change in the techniques by which these goods are produced. In particular, these goods come to be produced by techniques which make greater use of fixed capital in the form of machinery of various kinds. As Hicks (1969, p. 142) says: ‘It is at the point when fixed capital moves, or begins to move, into the central position that the “revolution” occurs.’

Suggested Citation

  • R. M. Sundrum, 1990. "Growth in the Industrial Sector," Palgrave Macmillan Books, in: Economic Growth in Theory and Practice, chapter 6, pages 101-135, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37681-6_6
    DOI: 10.1057/9780230376816_6
    as

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