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• W3121968082 abstract "To account for the qualitative differences between developed and developing countries, this paper argues that the expensive in-house R&D that manufacturing firms undertake in advanced industrial economies cannot be supported in countries that are in the early stage of industrialization and do not have sufficiently large markets for manufacturing goods. Such economies grow as standard development models predict: by accumulating physical and human capital and increasing specialization by industry. Only at sufficiently high levels of development are there incentives for systematic R&D efforts. As a result, economies go through an industrial life cycle as they move from initial backwardness to industrial maturity. In other words, development and growth are stages of a process of structural transformation characterized by changing patterns of capital accumulation, specialization by industry, and techological change." @default.
• W3121968082 created "2021-02-01" @default.
• W3121968082 creator A5078190940 @default.
• W3121968082 date "1997-01-01" @default.
• W3121968082 modified "2023-09-27" @default.
• W3121968082 title "Industrial Development, Technological Change, and Long-RunGrowth" @default.
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