2000 Fiscal Year Final Research Report Summary
Structural Change and Economic Growth
| Project/Area Number |
10430002
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| Research Category |
Grant-in-Aid for Scientific Research (B).
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
経済理論
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| Research Institution | University of Tokyo |
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Principal Investigator |
YOSHIKAWA Hiroshi Univ. of Tokyo Professor, 大学院・経済学研究科, 教授 (30158414)
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| Co-Investigator(Kenkyū-buntansha) |
TOKUI Jouji Shinshu Univ. Professor, 経済学部, 教授 (90192658)
OHTAKI Masayuki Univ. of Tokyo Associate Professor, 社会科学研究所, 助教授 (60183761)
ASAKO Kazumi Hitotsubashi Univ. Professor, 経済学研究所, 教授 (60134194)
FUKUDA Shinichi Univ. of Tokyo Associate Professor, 大学院・経済学研究科, 助教授 (00221531)
MIYAGAWA Tsutomu Gakushuin Univ. Professor, 経済学部, 教授 (30272777)
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| Project Period (FY) |
1998 – 2000
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| Keywords | Economic Growth / Structural Change / Macroeconomics / Technical Progress / Innovations / Japanese Economy |
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| Research Abstract |
Aoki M.and H.Yoshikawa, "Demand Saturation / Creation and Economic Growth" forthcoming in Journal of Economic Behavior and Organization presents a new model of economic growth.
In the standard literature, the fundamental factor to restrain economic growth is diminishing returns to capital in production or R＆D technology. This paper presents a model in which the factor to restrain growth is saturation of demand for individual consumption good. The economy revives growth by the introduction of new products/industries. The new products/industries creates high growth of demand. By so doing, it elicits capital accumulation, and ultimately sustains economic growth. The model demonstrates the importance of demand creating innovations which are different from the standard measure of technical progress, namely total factor productivity.
The Aoki/Yoshikawa model shows that economic growth is closely linked to changes in industrial structure. We explored this relationship for Japan, the U.S.and Germany. For Japan, we found a positive relationship between growth rate and a size of changes in industrial structure. In contrast, for the postwar U.S.no such positive relationship was found. However, we found a positive relationship for the prewar U.S.data. Our results suggest that for the 'young' economies, high growth tends to be accompanied by changes in industrial structure, while for the 'mature' economies, there is no such relationship. We plan to study the implications of our results for the 'convergence' controversy.
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