structural change (1 Viewer)

[osak23]

hi

can anyone define 'structural change' lol??

yeh i know what it means...

but hard to put 'exact words'..

 

[diasam]

Shift in the microeconomic (supply-side) composition of the economy. E.g Reduced demand for goods produced by industry x -> reallocation of resources to the highly demanded goods produced by industry y; seen recently with the movement of resources (labour) away from manufacturing and servicing export sectors, towards the highly demanded exports sector. These are usually medium-long term changes. May be useful to mention dynamic-efficiency as a catalyst to this change.

 

[RishBonjour]

I think OP wants a definition. Isn't there one in your text book? leading edge has a nice one.
"structural change refers to the process by which the pattern of production in an economy is altered over time and certain products, processes of production and even industries disappear while others emerge"

if you wanted an explanation ^ poster got it.