New structural economics meets European transition

Erik Berglof

Journal of Economic Policy Reform, 2015, vol. 18, issue 2, 114-130

Abstract: This paper explores whether new structural economics, and more broadly Structuralist approaches, could add to our understanding of transition in Central and Eastern Europe – and ultimately asks whether new structural economics and transition economics might be extended or integrated into a dynamic model of structural transformation that could better account for this particular development experience and provide policy guidance for the future. We have presented three perspectives – new structural economics, transition economics and the Neo-Schumpetarian approach – all of them emphasising different aspects of structural transformation. Their relative explanatory power depends on the context – for example, the extent of distortions in the economy, the quality of the institutions and where a country finds itself relative to the world technology frontier – and the questions we are interested in understanding. We suggest that, to date, the Neo-Schumpetarian approach offers the most promising and persuasive story line to think about this difficult challenge.

Date: 2015
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DOI: 10.1080/17487870.2015.1013543

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