The Asian Miracle and Modern Growth Theory

Bibliographic Data

ID9707507
AuthorsRichard R Nelson (Columbia University), Howard Pack (University of Pennsylvania)
Year1999
Volume109
Issue457
Pages416-436
Publication date1999-07-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueThe Economic Journal (JOURNAL)
Journal identifiersISSN: 0013-0133 • E-ISSN: 1468-0297
PublisherOxford University Press (OUP) (PUBLISHER)
DOI10.1111/1468-0297.00455
OpenAlexW3123059741
LanguageEN
Citations received47

This article argues that the rapid growth in a number of Asian economies that occurred between 1960 and 1996 was accompanied by a major change in the structure of their economies including shifts in the size of firms and the sectors of specialization. These changes were a fundamental component of the growth process. While capital accumulation was an important source of growth, its productive assimilation was a critical component of the success of these economies. Estimates of the contribution of total factor productivity to aggregate growth that neglect these phenomena may lead to erroneous estimates

China · Development economics · Economic growth · Economic miracle · Economics · Economy · Entrepreneurship · Human capital · Investment (military · Market economy · Miracle · Per capita · Political science · Sociology · Stock (firearms · Economic Growth and Productivity · Engineering · Finance

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