Intersectoral Resource Allocation and Its Impact on Economic Development in the Philippines
نویسندگان
چکیده
Both economic theory and modern economic history show that productivity growth in non-agricultural sectors has consistently outweighed that of the agricultural sector. Thus, as development progresses, employment, which had been centered around the agricultural sector, becomes more and more dependent on the industrial and services sectors. This relationship between economic growth, and the move away from agriculture can also be explained in terms of the decline in the income elasticity of food as incomes rise, the discovery of substitutes for agricultural products, and the rapid technological change in agriculture in response to shortages of land. Economic policies pursued by some developing economies are typically designed to accelerate this structural transformation by favoring the industrial sector.
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