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1、AmericanEconomicReview2013,103(7):2752–2789http://dx.doi.org/10.1257/aer.103.7.2752TwoPerspectivesonPreferencesand†StructuralTransformationByBertholdHerrendorf,RichardRogerson,andÁkosValentinyi*Weassesstheempiricalimportanceofchangesinincomeandrelativepricesforstru
2、cturaltransformationinthepostwarUnitedStates.Weexplaintwonaturalapproachestothedata:sectorsmaybecategoriesoffinalexpenditureorvalueadded;e.g.,theservicesectormaybethefinalexpenditureonservicesorthevalueaddedfromserviceindustries.Weestimatepreferencesforeachapproach
3、andfindthatwithfinalexpenditureincomeeffectsarethedominantforcebehindstructuraltransformation,whereaswithvalue-addedcategoriespriceeffectsaremoreimportant.Weshowhowtheinput-outputstructureoftheUnitedStatescanreconcilethesefindings.(JELE21,L16)Structuraltransformati
4、on—i.e.,thereallocationofresourcesacrossthebroadeco-nomicsectorsagriculture,manufacturing,andservices—isaprominentfeatureofeco-nomicdevelopment.Kuznets(1966)includeditasoneofthemainstylizedfactsofdevelopment,andrecentworkshowsthatextendingthestandardone-sectorgrowt
5、hmodeltoincorporatestructuraltransformationisimportantforavarietyofsubstan-1tiveissues.However,thereremainsnoconsensusontheeconomicforcesthatdrivetheprocessofstructuraltransformation.Recenttheoriesstresstwodistincteconomic*Herrendorf:DepartmentofEconomics,W.P.Carey
6、SchoolofBusiness,ArizonaStateUniversity,350EastLemonStreet,Tempe,AZ85287(e-mail:Berthold.Herrendorf@asu.edu);Rogerson:WoodrowWilsonSchool,PrincetonUniversity,Princeton,NJ08544,andNBER(e-mail:rdr@Princeton.edu);Valentinyi:CardiffBusinessSchool,CardiffUniversity,Aber
7、conwayBuilding,ColumDrive,Cardiff,Wales,UK,andInstituteofEconomicsHASandCEPR(e-mail:valentinyi.a@gmail.com).TheauthorsthankStuartLowandEdPrescottformanyhelpfulconversa-tionsaboutthetopicofthispaper.Forcommentsandsuggestions,theauthorsthankPacoBuera,JoeKaboski,ToddS
8、choellman,andtheconferenceparticipantsattheSEDmeetingsinPrague(2007)andIstanbul(2009),theconferenceoftheSocietyfortheAdvancementofEconomicTheoryi
