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Innovation, Structural Change and Multisectoral Economic Growth

In: Demand, Complexity, and Long-Run Economic Evolution

Author

Listed:
  • Isabel Almudi

    (University of Zaragoza)

  • Francisco Fatas-Villafranca

    (University of Zaragoza)

Abstract

In this work, we draw upon the Neo-Schumpeterian concept of sectoral systems of innovation to reflect on the uneven sectoral patterns of productivity growth observed in modern economies. Inspired by recent contributions within evolutionary economic theory, we present a formal proposal to integrate uneven sectoral productivity growth in a multisectoral growth model. In this model, certain demand-side elements turn out to be crucial. More precisely, we explore the interactions between technological factors, income growth, and distinct income elasticities of sectoral demand underlying structural change. Thereby, we obtain a representation of economic growth as a long-run property which emerges from complex interactions between sectoral innovation, and certain (often-overlooked) demand-side fundamentals.

Suggested Citation

  • Isabel Almudi & Francisco Fatas-Villafranca, 2019. "Innovation, Structural Change and Multisectoral Economic Growth," Economic Complexity and Evolution, in: Andreas Chai & Chad M. Baum (ed.), Demand, Complexity, and Long-Run Economic Evolution, pages 171-189, Springer.
    • Handle: RePEc:spr:eccchp:978-3-030-02423-9_9
    DOI: 10.1007/978-3-030-02423-9_9
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    More about this item

    Keywords

    Economic growth; Structural change; Demand; Sectoral productivity;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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