%0 Journal Article
%T Slow Structural Change in India: Is It Related to Rising Relative Price of Agriculture? A Partial Equilibrium Model
%A Subhasankar Chattopadhyay
%J Theoretical Economics Letters
%P 401-406
%@ 2162-2086
%D 2016
%I Scientific Research Publishing
%R 10.4236/tel.2016.63044
%X Economic growth across countries is associated with changes in the
composition of sectoral output, employment and consumption structure, known as ¡°structural
change¡±. With high growth rates in the Indian economy in the post
liberalization period, structural change is expected to be rapid. However, the
share of the manufacturing sector has ¡°crossed¡± over that of the agriculture
only very recently from the supply side and yet to cross over from the demand
side. Through a simple partial equilibrium model, this paper shows that such
slow structural change may be linked to a secular rise in the relative price of
agricultural goods in India.
%K Indian Economy
%K Relative Price Effect
%K Structural Change
%K Non-Homothetic Utility
%U http://www.scirp.org/journal/PaperInformation.aspx?PaperID=67084