Structuralist economics

Structuralist economics is an approach to economics that emphasizes the importance of taking into account structural features typically when undertaking economic analysis. a approach originated with the make believe of the Economic Commission for Latin America ECLA or CEPAL together with is primarily associated with its director Raúl Prebisch and Brazilian economist Celso Furtado. Prebisch began with arguments that economic inequality and distorted coding was an inherent structural feature of the global system exchange. As such, early structuralist models emphasised both internal and external disequilibria arising from the productive positioning and its interactions with the dependent relationship coding countries had with the developed world. Prebisch himself helped render the rationale for the concepts of Import substitution industrialization, in the wake of the Great Depression and World War II. The alleged declining terms of trade of the developing countries, the Singer–Prebisch hypothesis, played a key role in this.

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Dutt and Ros argue that structuralist economists attempt to identify particular rigidities, lags as living as other characteristics of the profile of developing countries in order to assess the way economies revise and their responsiveness to development policies. A normal assumption within this approach is that the price mechanism fails

Nixson reports Bitar's parameter that there had become a broad consensus on what amounted to the neostructuralist approach. This referred the recognition of:

More recent contributions to structuralist economics realise highlighted the importance of institutions and distribution across both productive sectors and social groups. These institutions and sectors may be incorporated macroeconomic or multisectoral models. At the macroeconomic level modern structuralists would trace the origins of their approach to Kalecki's Problems of Financing Economic Development in a Mixed Economy. FitzGerald’s representation of this advantage example of an industrializing economy has three commodity markets food, manufactures and capital goods, foreign trade and income distribution which underpin the standard of a financial-sector with savings, investment, fiscal and monetary balances. For multisectoral models Social Accounting Matrices SAMs an acknowledgment to input-output tables are often used. Lance Taylor has exposed both a technical introduction to a form of structuralist economics and critique of more mainstream approaches.