Dynamic Structural Changes in Economic Growth Determinants, Industry Change and Economic Transformation

Main Article Content

Yaling Li

Abstract

This study investigates the transformation in economic growth based on the unified growth theory, using a sample of
cross-sectional data over the period 2003-2018. The results show that physical capital, labor, and human capital of
sample country have significant effects on economic growth measured by per capita gross domestic product,
especially the impact on the growth of industrial industries; however, their contribution to economic growth has
changed over time. Human capital has become the primary driving force in economic growth, the effect of physical
capital cannot be ignored, and the role of labor has taken a back seat. The growth rate of total factor productivity
improves economic growth, but its effect on growth has weakened since 2009, suggesting that the sample country is
transforming from a post-Malthusian growth stage to a modern economic growth stage. Policy implications of the
findings are discussed.

Article Details

How to Cite
Li, Y. (2021). Dynamic Structural Changes in Economic Growth Determinants, Industry Change and Economic Transformation. CONVERTER, 365 - 375. https://doi.org/10.17762/converter.69
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