Growth in the Industrial Sector

R. M. Sundrum

Chapter 6 in Economic Growth in Theory and Practice, 1990, pp 101-135 from Palgrave Macmillan

Abstract: 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.’

Keywords: Labour Productivity; Industrial Sector; Technological Progress; Capital Accumulation; Demand Side (search for similar items in EconPapers)
Date: 1990
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DOI: 10.1057/9780230376816_6

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