Industrialization leads to structural transformation from "summary" of Theory of Economic Growth by W. Arthur Lewis
In the process of economic development, one of the key phenomena that occur is industrialization. Industrialization refers to the shift of resources from traditional sectors such as agriculture into modern industries. This shift is crucial for economic growth as it brings about structural transformation in the economy.
As the industrial sector grows, it creates new opportunities for employment and increases productivity. This leads to higher incomes for the population and drives overall economic growth. However, industrialization also brings about changes in the structure of the economy. Traditional sectors like agriculture decline in importance as resources are reallocated to the industrial sector.
Structural transformation refers to the changes in the compositio...
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