Has the Turning Point of the Real Estate Industry's Contribution to Economic Growth Arrived?The Perspective of "Cost Disease" in the Service Industry
The scientific judgment of whether the turning point of the contribution of the real estate industry to economic growth has ar-rived is of great significance for correctly adjusting relevant industrial policies and promoting the healthy and stable development of the real estate industry.Based on the perspective of"cost disease"in the service industry,a panel threshold model is established based on the Cobb-Douglas production function.The study found that the impact of China's real estate industry on economic growth has a non-linear stage characteristic,shows an inverted U-shaped characteristic with the improvement of labor productivity in the service indus-try,and has regional heterogeneity.The contribution of the real estate industry to economic growth in Beijing,Shanghai,Tianjin,and other places has already reached a turning point.Jiangsu,Zhejiang,Fujian,and other places are about to enter a turning point;The contribution of capital,labor,and technology to promoting the real estate industry and driving economic growth increases in sequence.
real estate industryeconomic growth"cost disease"in the service industryturning pointthreshold effect
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