Economic Regulation Directions Regarding the Essential Shift in the Structure of Economy

Abstract

This article analizes the esential shift in the structure of the economy from industrial to service-dominated economy and the impact of the increasing role of the service sector to the development of economic system and effectiveness of current economic regulation means. Two key theories are dealing with structural changes – deindustrialization theory and post-industrial economy theory. There are distinct research communities providing different perspectives on the rationale, design and delivery of the economic development and economic regulation. The comparative analysis provide an integrative and organising lens for viewing the various contributions to knowledge production from those research communities addressing economic regulation directions and means. The first part of the paper presents a critical assessment of the recomendations to the employment and equality policy makers provided by the deindustrialization theory developing research community. The second part of the paper is devoted for the evaluation of the post-industrial theory perspectives to develop service-dominated economy. This study provides three main trends in economic regulation, which are identified as main accelerators of the economic system evolution, namely: i) creation and maintenance of information-communication infrastructure; ii) servitization of manufacturing and agriculture, and iii) essential reform of educational system.

DOI: http://dx.doi.org/10.5755/j01.ppaa.16.3.19343