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Summary and Implications

In: Hyper-growth in Asian Economies

Author

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  • Edward K. Y. Chen

    (University of Hong Kong)

Abstract

The focus of the present study has been on the morphology, causes, and effects of economic growth in the five fast-growing Asian economies. We began with a presentation of the contours of economic growth so that we could establish some bases for our later empirical analysis. Then we examined the trends of growth in output and factor inputs. We observed that during the period 1955–74, all of the selected economies experienced exceptionally high growth rates of 7.8 per cent to 9.5 per cent in real output and above 5 per cent in real income per capita. Indeed, in the late sixties and early seventies, growth rates had been above 10 per cent in most cases. Population growth in Japan was stable at the 1 per cent level throughout the period under study. On the other hand, population growth in the four other economies was at first relatively fast but slowed down in the later sub-periods. At the same time, the growth of the labour force in these four economies was also very rapid, due largely to the rapid increases in the labour participation rate. Generally speaking, during the period 1955–60, population grew faster than the labour force but the trend was generally reversed for the period 1960–74. This rapid increase in manpower resources played an important part in supporting the growth of the industrial sector. There was also a rapid growth in investment resulting in rapid growth in capital input for the economy. The high rates of growth in investment in these economies were due to the massive foreign capital inflows and/or high saving rates.

Suggested Citation

  • Edward K. Y. Chen, 1979. "Summary and Implications," Palgrave Macmillan Books, in: Hyper-growth in Asian Economies, chapter 9, pages 179-186, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-04251-7_9
    DOI: 10.1007/978-1-349-04251-7_9
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    Citations

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    Cited by:

    1. Kristina Reineke, 2020. "The Influence of Digitization on the Emotional Exhaustion of Employees: The Moderating Role of Traditional Job Resources and Age," Working Papers Dissertations 62, Paderborn University, Faculty of Business Administration and Economics.
    2. V. Joseph Hotz & Mo Xiao, 2005. "The Impact of Minimum Quality Standards on Firm Entry, Exit and Product Quality: The Case of the Child Care Market," Working Papers 05-28, Center for Economic Studies, U.S. Census Bureau.
    3. Thomas, Johanna M., 2017. "Early truancy evaluation: Replication of an evaluation using a regression discontinuity design," Children and Youth Services Review, Elsevier, vol. 78(C), pages 150-160.
    4. Doris Bergen Sponseller & Joel S. Fink, 1982. "Public Policy Toward Children: Identifying the Problems," The ANNALS of the American Academy of Political and Social Science, , vol. 461(1), pages 14-20, May.
    5. V. Joseph Hotz & Mo Xiao, 2011. "The Impact of Regulations on the Supply and Quality of Care in Child Care Markets," American Economic Review, American Economic Association, vol. 101(5), pages 1775-1805, August.
    6. David M. Blau & Alison P. Hagy, 1998. "The Demand for Quality in Child Care," Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 104-146, February.
    7. Nina T. Dalgaard & Anja Bondebjerg & Rasmus Klokker & Bjørn C. A. Viinholt & Jens Dietrichson, 2020. "PROTOCOL: Adult/child ratio and group size in early childhood education or care to promote the development of children aged 0–5 years: A systematic review," Campbell Systematic Reviews, John Wiley & Sons, vol. 16(1), March.
    8. Thomas, Johanna M. & Lemieux, Catherine M. & Rhodes, Judith L.F. & Vlosky, Denese Ashbaugh, 2011. "Early truancy intervention: Results of an evaluation using a regression discontinuity design," Children and Youth Services Review, Elsevier, vol. 33(9), pages 1563-1572, September.
    9. Dote, Grace, 1982. "Economic Research Of Interest To Agriculture, 1979-1981," Economic Research of Interest to Agriculture 7291, University of California, Berkeley, Department of Agricultural and Resource Economics.
    10. Orli Bobek & Adiv Gal & David Saltz & Uzi Motro, 2018. "Effect of nest-site microclimatic conditions on nesting success in the Lesser Kestrel (Falco naumanni)," Discussion Paper Series dp721, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
    11. William Gormley JR, 1999. "Regulating Child Care Quality," The ANNALS of the American Academy of Political and Social Science, , vol. 563(1), pages 116-129, May.

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