Industrial policies should support structural transformation from "summary" of The Industrial Policy Revolution II by J. Esteban,J. Stiglitz,Justin Lin Yifu
Industrial policies play a crucial role in shaping the economic structure of a country. The primary aim of industrial policies should be to support structural transformation. This entails facilitating the shift of resources from less productive to more productive sectors of the economy. By doing so, industrial policies can help countries achieve sustained growth and development. Structural transformation involves moving resources, such as labor and capital, from traditional, low-productivity sectors to modern, high-productivity sectors. This shift is essential for countries to boost their overall economic performance and improve living standards for their citizens. Industrial policies can play a key role in supporting this transformation by creating an enabling environment for industries to thrive. One way industrial policie...
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