LI Jing;NAN Yu
Economics School, Anhui University;Institute of Economics, Chinese Academy of Social Sciences
How to combine the formation process of specialized human capital with the process of industrial structure adjustment to achieve the smooth transition and high-quality development of economy in the new era has become an important theoretical and practical issue. The research in this paper showed that under the market conditions, the economic transformation of late-developing countries is accompanied by the misallocation of human capital and industrial structure, and the dominant decision is to give priority to industrial upgrading rather than innovation-driven development. However, it will be difficult to narrow the gap with developed countries if the late-developing countries maintain the comparative advantage of traditional industries without correcting the misallocation of human capital and traditional industries. In correcting the misallocation, if the late-developing countries emphasize too much on independent innovation and neglect the industrial upgrading, they may violate the market rules and find it difficult to get rid of the dominant position of traditional industries. In terms of correcting the misallocation of human capital, the policy implications of this paper are to improve the misallocation status of human capital by deepening the market-oriented institutional reform, improving returns on investment of high-skilled industries, enhancing the marketization of human capital pricing, and actively encouraging and developing the modern service industries.
misallocation of human capital;industrial structure adjustment;innovation-driven development;dominant decision
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