Structural change and development
Speaker
Join us for this special Economica Phillips lecture which this year will be delivered by Princeton academic Richard Rogerson.
Development is associated with systematic changes in the composition of economic activity. Economists refer to this as structural change. Economies in the early stages of development are dominated by agriculture, while economies in the later stages of development are dominated by services. But the transition path that today’s advanced economies followed has involved an initial rise and then fall of the manufacturing sector. Is manufacturing key to development?
Many developing economies today have had very little growth in manufacturing as they start to develop. Are they destined to stay poor? The two most salient examples of recent growth miracles—China and India—offer conflicting evidence. China’s growth has been accompanied by a large increase in manufacturing activity, while India’s growth has been associated little increase in manufacturing. Does India prove that service led growth is possible? What can we learn from these experiences? Are there other countries that are successfully following this path? This lecture will examine the development process from the perspective of structural change and seek to answer these questions.
Meet our speaker and chair
Richard Rogerson joined the faculty of Princeton University in 2011, where he is the Charles and Marie Robertson Professor of Economics and Public Affairs. He is also the Director of the Louis A. Simpson Center for the Study of Macroeconomics. Professor Rogerson's teaching and research interests are in the fields of macroeconomics and labour economics.
Christopher Pissarides is a British-Cypriot economist specialising in the macroeconomics of labour markets, economic growth and economic policy. He received the Nobel Prize in Economic Sciences in 2010, shared with Peter A. Diamond and Dale Mortensen, for their analysis of markets with search frictions. He is the School Professor of Economics and Political Science and the Regius Professor of Economics at the London School of Economics, and Professor of European Studies at the University of Cyprus. He chairs the Centre for Macroeconomics, which convenes economists from Cambridge, LSE, UCL, the Bank of England and NIESR.
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