Wirkierman, Ariel Luis. 2023. Structural economic dynamics in actual industrial economies. Structural Change and Economic Dynamics, 64, pp. 245-262. ISSN 0954-349X [Article]

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Abstract or Description

Despite the tight articulation between Pasinetti's natural economic system and measurable inter-industry magnitudes, contributions inspired by his framework of structural economic dynamics have either focused on analytical developments or empirically implemented some of its features in isolation. To bridge the gap between theory and empirics, this paper introduces a computable formulation of Pasinetti's dual system of prices and quantities, including its natural configuration, starting from a set of inter-industry accounting identities. The analytical properties of the computable framework are discussed, using the logical structure of a closed Input-Output model. By articulating a dataset collating different OECD databases, the scheme is empirically implemented to explore the structural dynamics of six advanced industrial economies between 1995 and 2015. In particular, we quantify the required injection to close a country's unemployment gap via a public intervention, use the natural configuration of the economy to relate the evolution of demand, productivity, wages and the general price level, and compare the emerging trends of job creation and displacement across countries and hyper-integrated sectors.

Item Type:	Article
Identification Number (DOI):	https://doi.org/10.1016/j.strueco.2023.01.001
Additional Information:	JEL classification: C67, F14, O41, B51 Data availability: Data will be made available on request.
Keywords:	Structural change, Vertically hyper-integrated sectors, Input-Output analysis
Departments, Centres and Research Units:	Institute of Management Studies Institute of Management Studies > Structural Economic Analysis
Dates:	Date Event 1 January 2023 Accepted 12 January 2023 Published Online March 2023 Published
Item ID:	32933
Date Deposited:	04 Jan 2023 14:55
Last Modified:	26 Feb 2024 13:32
Peer Reviewed:	Yes, this version has been peer-reviewed.
URI:	https://research.gold.ac.uk/id/eprint/32933

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