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The Tyranny of Numbers or the Tyranny of Methodology: Explaining the East Asian Growth Experience

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  • James Riedel

    (Johns Hopkins University-SAIS
    China Economics and Management Academy, CUFE)

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    Abstract

    This paper applies the theory and insights of Maurice Scott¡¯s New View of Economic Growth (1989) to challenge the analysis and conclusions of Alwyn Young¡¯s widely acclaimed paper, ¡±The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience¡± (1995), which purports to show that growth in the East Asian NICs was mainly due to factor accumulation, with little technical change or total factor productivity growth. It is argued that Young¡¯s empirical findings result from the inappropriate, albeit widely adopted, practice of subtracting depreciation from gross investment in measuring the contribution of investment to growth.

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    Bibliographic Info

    Article provided by Society for AEF in its journal Annals of Economics and Finance.

    Volume (Year): 8 (2007)
    Issue (Month): 2 (November)
    Pages: 385-396

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    Handle: RePEc:cuf:journl:y:2007:v:8:i:1:p:385-396

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    Keywords: Tyranny of Numbers; Tyranny of Methodology; East Asian Growth;

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    1. Simon Kuznets & Elizabeth Jenks, 1961. "Appendices and Index to "Capital in the American Economy: Its Formation and Financing"," NBER Chapters, in: Capital in the American Economy: Its Formation and Financing, pages 465-664 National Bureau of Economic Research, Inc.
    2. Scott, Maurice, 1992. "A New Theory of Endogenous Economic Growth," Oxford Review of Economic Policy, Oxford University Press, vol. 8(4), pages 29-42, Winter.
    3. Young, Alwyn, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 641-80, August.
    4. Simon Kuznets & Elizabeth Jenks, 1961. "Introduction to "Capital in the American Economy: Its Formation and Financing"," NBER Chapters, in: Capital in the American Economy: Its Formation and Financing, pages 3-14 National Bureau of Economic Research, Inc.
    5. Simon Kuznets & Elizabeth Jenks, 1961. "Summary of Findings," NBER Chapters, in: Capital in the American Economy: Its Formation and Financing, pages 389-428 National Bureau of Economic Research, Inc.
    6. Dan Usher, 1973. "The Measurement of Economic Growth," Working Papers 145, Queen's University, Department of Economics.
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    Cited by:
    1. Wang, Chan, 2012. "A very preliminary survey on growth and development," MPRA Paper 39037, University Library of Munich, Germany.

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