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1. Introduction to economics
- Prof. Mariano Torras
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2. Measuring economic progress: income accounting
- Prof. Mariano Torras
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3. Measuring economic progress: alternatives
- Prof. Mariano Torras
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4. Employment and unemployment
- Prof. Mariano Torras
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5. Inflation
- Prof. Mariano Torras
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6. Structural change
- Prof. Mariano Torras
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7. The business cycle
- Prof. Mariano Torras
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8. What role does the government have in the macroeconomy?
- Prof. Mariano Torras
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9. Why money matters
- Prof. Mariano Torras
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10. Debts and deficits
- Prof. Mariano Torras
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11. Monetary policy
- Prof. Mariano Torras
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12. The global economy: economic integration
- Prof. Mariano Torras
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13. The global economy: balance of payments
- Prof. Mariano Torras
Printable Handouts
Navigable Slide Index
- Introduction
- Economic change over time
- Spending approach to GDP measurement
- Income approach to GDP measurement
- Three economic sectors
- Value added by sector: US & EU (1)
- Value added by sector: US & EU (2)
- Relative shares of US economic production
- Division of GDP by output sector
- Allocation of a dollar spent on food in the US
- Energy consumption by energy source
- Secondary sector
- Total US manufacturing employment
- Why has manufacturing declined?
- Segmented labor market
- Largest tertiary sector industries
- Consequences of labor market segmentation
This material is restricted to subscribers.
Topics Covered
- Economic change
- Economic sectors
- Sector analysis and comparison
- Why manufacturing has declined
- Segmented labor market
- Consequences of labor market segmentation
Talk Citation
Torras, M. (2024, November 28). Structural change [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved July 1, 2025, from https://doi.org/10.69645/CJLS5493.Export Citation (RIS)
Publication History
Transcript
Please wait while the transcript is being prepared...
0:00
Hi. My name is Mariano Torras.
I'm professor of economics
at Adelphi University,
in New York.
We're going to be
doing a lecture series
on macroeconomics.
0:14
As we have already seen,
economists consider GDP
growth to be one of
the principal
macroeconomic goals.
What we have not
heretofore emphasized is
changes over time in the
structure of the economy.
While a growing economy
changes greatly
over long periods of time
in quantitative terms,
it is important to note that
it also changes qualitatively.
As we will see, there is
every reason to expect that
qualitative changes
do, over time,
assist in the growth process.
0:51
In lecture number 2,
we described the economy as
composed of four sectors:
households, businesses,
government,
and the foreign sector.
This was the spending
approach to output,
with consumption, investment,
government spending,
and net exports representing
the spending categories.
1:14
We can also estimate GDP
by utilizing the
income approach,
where the categories
would be laborers,
business owners, land owners,
and, possibly, financiers,
but here, we will be
classifying according to
what is produced.
That is, we will be looking at
the structural composition
of the economy.
It is something that has, over
time, changed substantially
in pretty much all the
world's countries.
There are three major
economic sectors.