Dr. Justin Lin explained his theory of a third wave of development thinking that he calls “New Structural Economics” (NSE), or “Development Economics 3.0”. Lin, who is the Bank’s first Chief Economist from a developing country and whose term ends on June 1 of this year, is leaving his mark on the institution by advancing a framework for rethinking development and policy. Taking account of growth lessons from past decades, New Structural Economics focuses on how an economy’s structure is endogenous to its factor endowment and highlights the importance of continuous technological innovation, industrial upgrading and diversification based on comparative advantage.
His lecture at the Nazarbayev University was attended by students and university staff, representatives of think tanks, international organizations and diplomatic missions. The event was moderated by the Rector of Nazarbayev University Mr. Shigeo Katsu, the World Bank’s Vice-President for Europe and Central Asia in the recent past.
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