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Dialogue With Harvard Economist Professor Hausmann on
The Product Space and Implications

Date	:	19 Jan 2009, Mon
Time	:	1.00 pm - 2.30 pm
Venue	:	SBF Boardroom (22nd level, Keppel Towers)
Fee per pax	:	Free for SBF Members

For Non-Members who wish to register for SBF events,
please contact SBF at 6827 6877

How does a country develop economically? Why do countries produce what they produce? What explains the process of industrial deepening and upgrading? And do government industrial policies help or hinder?

Standard trade theory says that countries produce what they have a comparative advantage in, and that comparative advantage is largely determined by the country's factor endowments. Hence labour-abundant countries produce labour-intensive products, and capital-abundant countries produce capital-intensive products.

Recent work by Harvard economists such as Ricardo Hausmann and Dani Rodrik suggests that the move to higher-value products depends on the acquisition of specific technologies, institutions and skills. These new inputs and capabilities may be difficult or costly for developing countries to acquire. Consequently, countries tend to upgrade to products which require similar inputs and capabilities to those they already possess. That is, a country's development is path-dependent on its existing inputs, capabilities and opportunities.

In their pioneering work on international trade and economic development, Professor Hausmann and his colleagues map the relation between the products a country produces and its level of income as well as the inputs and capabilities needed to produce these products. Using the "product space" they developed as a map of economic production, they have found that high-skill, high-value products tend to be densely clustered together in the centre of the product space, while low-skill, low-income products are more sparsely located in the periphery of the product space. Countries which already produce high-value products are more likely to go on to produce other high-value products. This positive feedback loop in structural transformation has important implications for a country's economic policy, and suggests a role for activist government policies in industry development. It also portrays a more accurate picture (than standard trade theory) of the constant process of industrial upgrading and development that Singapore has undergone in the last forty years.

SBF is pleased to have Professor Hausmann to share his insights on the product space and what it means for public policy to members. He will provide an illuminating analysis of how industrial policies - properly conceptualised and implemented - can hasten the process of structural transformation and accelerate a country's economic development.

This dialogue session is relevant for key decision-makers in the manufacturing and trade-related industries.

Time	Programme
1.00 pm	Presentation by Professor Hausmann
1.45 pm	Question & Answer Sharing Session
2.30 pm	End

*Programme is correct at time of print.

Administrative Details

Please fax registration form to reserve a seat. Registration is on a first-come, first-served basis.

Admission shall be allowed only upon presentation of confirmation from SBF (i.e. confirmation stamp on the registration form).

Ref No: MBER 019/190109/01W
REGISTRATION FORM - Attn: MR Dept/ Daphne/ Su Ling
Closing date: 16 Jan 09

NOTE : As a precautionary measure, our advice is for members who are unwell not to attend the session.

Registration

Download the fax form for registration