Restructuring and Economic Growth in OECD Countries: 1964-1992

J.C.A. Curtis () and K.S.R. Murthy ()
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J.C.A. Curtis: Department of Economics, Trent University
K.S.R. Murthy: Department of Economics, Trent University

Eastern Economic Journal, 1999, vol. 25, issue 1, 17-30

Abstract: The contribution that restructuring between goods producing and service producing sectors, together with service sector employment and output growth, makes to aggregate growth are examined empirically in this paper. Estimates of the total effect, and the component externality and employment re-allocation effects of service sector growth, are derived from two sector growth models, developed as extensions from Feder (1982). For a sample of fourteen industrialized OECD countries, over the 1964-1992 period, the results provide strong support for the argument that restructuring from goods to services makes a strong positive contribution to real GDP growth rates.

Keywords: Economic Growth; Growth (search for similar items in EconPapers)
JEL-codes: O47 (search for similar items in EconPapers)
Date: 1999
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