Structural Change in Advanced Nations: A New Set of Stylised Facts
Dale W. Jorgenson
Harvard University - Department of Economics; National Bureau of Economic Research (NBER)
Marcel P. Timmer
University of Gronigen - Faculty of Economics
February 17, 2011
Scandinavian Journal of Economics, Vol. 113, No. 1, pp. 1-29, 2011
We provide new evidence on patterns of structural change in advanced economies, reconsidering the stylised facts put forward by Kaldor (1963), Kuznets (1971), and Maddison (1980). Since 1980, the services sector has overwhelmingly predominated in the economic activity of the European Union, Japan, and the US, but there is substantial heterogeneity among services. Personal, finance, and business services have low productivity growth and increasing shares in employment and GDP. By contrast, shares of distribution services are constant, and productivity growth is rapid. We find that the labour share in value-added is declining, while the use of ICT capital and skilled labour is increasing in all sectors and regions.
Number of Pages in PDF File: 29
Keywords: Structural change, productivity growth, ICT capital, skills, sectoral patterns
JEL Classification: N10, O3, O14, O41, O47Accepted Paper Series
Date posted: February 28, 2011
© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.
This page was processed by apollo7 in 0.234 seconds