Working Paper: CEPR ID: DP17653
Authors: Kym Anderson
Abstract: Structural transformations in growing economies focus on sectoral shares of national output (GDP) and employment but typically give little attention to exports. This paper compares and contrasts evidence of trends in sectoral shares of GDP, employment and exports in Australia over the past two centuries with those of other advanced economies. Australia’s experience is unusual in several respects, explanations for which suggest lessons for less-advanced resource-rich economies. The paper concludes by questioning how societies’ evolving environmental objectives, and recent influences on globalization, might alter in coming decades the structure of Australia’s economy and its policies and institutions
Keywords: No keywords provided
JEL Codes: F13; F63; O13; Q17
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| structural transformations in Australia’s economy (L16) | interplay between mining booms and the demand for primary products (L70) |
| mining sector's growth (L72) | economic transformation (P27) |
| mining output and exports increasing dramatically (L72) | rising international demand and favorable terms of trade (F14) |
| Australia’s inclusive economic institutions (O56) | prevented the country from experiencing a resource curse (Q33) |
| establishment of secure property rights and democratic governance (P14) | broad-based economic growth (O50) |
| evolving societal preferences regarding environmental sustainability (Q56) | alter the structure of the economy (L16) |
| evolving preferences (D11) | changes in economic policies and institutional frameworks (O17) |