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Structural Change in Developed Economies in the Digital Age

In: Digital Transformation and the World Economy

Author

Listed:
  • Askar Sarygulov

    (Saint Petersburg State University of Economics)

  • Alexander Petryakov

    (Saint Petersburg State University of Economics)

  • Bulat Khusainov

    (Economic Research Institute JSC)

  • Zoltan Zeman

    (Szent Istvan University)

Abstract

The economic development of OECD countries in the past 50 years has been marked by a decline in the share of manufacturing and an increase in the share of the service sector in their national economies. This structural imbalance was one of the causes of the 2008–2009 crisis. Empirical data analysis for the leading OECD countries shows that the decline in the share of people employed in manufacturing has practically stabilized by 2020, while production volumes continue to grow. Information and communication technologies, which have already become general purpose technology, play an important role in this development trend. Based on the new role of ICT the work proposes a five-sector model of the economy (instead of a three-sector model), as it best reflects the technological trends of modern development. In particular, it is proposed to single out a separate sector related to human resources, which includes education, health care, social services and science. Another sector should be manufacturing, construction, transport, and mining, the development of which will largely depend on the use of ICT.

Suggested Citation

  • Askar Sarygulov & Alexander Petryakov & Bulat Khusainov & Zoltan Zeman, 2022. "Structural Change in Developed Economies in the Digital Age," Studies on Entrepreneurship, Structural Change and Industrial Dynamics, in: Andrei Rudskoi & Askar Akaev & Tessaleno Devezas (ed.), Digital Transformation and the World Economy, pages 145-160, Springer.
    • Handle: RePEc:spr:seschp:978-3-030-89832-8_8
    DOI: 10.1007/978-3-030-89832-8_8
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