Abstract
The balanced economic growth is an imaginary creature which can make sense only in theoretical models. In real economic growth, various sectors always grow at markedly different rates. This is a necessity if economic growth is ultimately generated by innovations because innovations do not pertain to the economy as a whole but rather are specific to particular firms or sectors (Schumpeter 1934, 1939). The differences in scale economies across sectors are another factor which generates the unbalanced growth (Young 1928).
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Acknowledgements
We gratefully acknowledge support by Research Institute of Economy, Trade & Industry, IAA(RIETI).
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Yoshikawa, H., Miyakawa, S. (2011). Changes in Industrial Structure and Economic Growth: Postwar Japanese Experiences. In: Mann, S. (eds) Sectors Matter!. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-18126-9_7
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DOI: https://doi.org/10.1007/978-3-642-18126-9_7
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