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Structural Change

In: Many Possible Worlds

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  • Cameron Gordon

    (Australian National University)

Abstract

Economic modernisationModernisation has both quantitative and qualitative dimensions. The major measure of its quantitative aspect is real GDP per capitaGDP per capita, indicating the market value of total output across a given population. The qualitative dimension of economic change is generally captured by the structure of the economy, a term that indicates how output production processes are distributed across different economic sectorsSectors, economic, typically classified as primary (e.g. agricultureAgriculture and mining), secondary (e.g. manufacturingManufacturing and construction industries), tertiary (e.g. servicesServices) and quaternaryQuaternary (e.g. highly sophisticated services such as high-technology). Economic modernisation has been characterised by ongoing changes in economic structure and with profound social and economic impacts.

Suggested Citation

  • Cameron Gordon, 2023. "Structural Change," Springer Books, in: Many Possible Worlds, chapter 0, pages 817-845, Springer.
    • Handle: RePEc:spr:sprchp:978-981-19-9281-0_29
    DOI: 10.1007/978-981-19-9281-0_29
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