Industrial Structure and Economic Growth: A Refutation of Clark’s Law
Cloth • 224 pp • 142 x 210 mm • English
US$35.95 • C$48.95
With the rise of the service sector in recent decades, many economists have forecast the dawning of the post-industrial society. Much of this speculation is based on the theoretical premises laid out in Clark’s Law – a key hypothesis in conventional economic theory. However, this Law is refuted by Professor Ruyu Zhao, the author of this title.
Industrial Structure and Economic Growth: A Refutation of Clark’s Law delves deep into the premises behind this economic theory, analysing the data sets used by Clark and other notable economists that followed in his footsteps. The author draws on considerable empirical evidence across the globe over the last two centuries, citing the Japanese debt-crisis of the early 1990s, the Asian Financial Crisis of 1997/98, and the US subprime mortgage crisis, as key events that refute Clark’s Law.
In rebuttal to the post-industrial society hypothesis, he rejects measuring an economy’s development based on the size of its service sector, asserting that industry is always at the heart of the real economy. Professor Zhao also proposes a new theoretical paradigm which recognizes the inherent importance of industry, instead of services, in a healthy modern economy. For those interested in economics, and particularly research that counters conventional narratives, this book can certainly be of interest.
About the Author
Ruyu Zhao, Ph.D. in economics, professor of Jilin University, and Vice President of China National Society of Economic Geography, is an expert in international economics, industrial economics, technical economics, regional economics, and general economic theories. He is interested in critically exploring existing economic theories. He speaks at workshops, seminars, and conferences around the world, and has published numerous articles and books. His representative works include An Era of the Wise Man, Industrial Structure and Economic Growth: A Refutation of Clark’s Law, etc.