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Diminished Returns? Growth and Investment in East Asia

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  • Robertson, Peter E

Abstract

This paper investigates the investment-led growth hypothesis for the newly industrialized economies of East Asia. Using numerical simulations and a neoclassical model, it is shown that the revolution in investment rates only explains about 30 per cent of the growth of GDP per worker. In contrast, productivity growth and improvements in labour quality, explain around half the growth of GDP per worker. This reflects the effects of productivity growth on capital accumulation. Contrary to recent growth-accounting studies, the results suggest that understanding the sources of productivity growth in East Asia will provide the most useful lessons for other developing economies. Copyright 2000 by The Economic Society of Australia.

Suggested Citation

  • Robertson, Peter E, 2000. "Diminished Returns? Growth and Investment in East Asia," The Economic Record, The Economic Society of Australia, vol. 76(235), pages 343-353, December.
  • Handle: RePEc:bla:ecorec:v:76:y:2000:i:235:p:343-53
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    Cited by:

    1. Peter E Robertson, 2010. "Deciphering The Hindu Growth Epic," Economics Discussion / Working Papers 10-19, The University of Western Australia, Department of Economics.
    2. repec:eee:ecanpo:v:55:y:2017:i:c:p:132-146 is not listed on IDEAS
    3. Anaman, Kwabena A., 2004. "Determinants of economic growth in Brunei Darussalam," Journal of Asian Economics, Elsevier, vol. 15(4), pages 777-796, August.
    4. Peter E. Robertson, 2010. "Investment Led Growth In India: Hindu Fact or Mythology?," Economics Discussion / Working Papers 10-08, The University of Western Australia, Department of Economics.
    5. Temple, Jonathan, 2001. "Growing into Trouble: Indonesia After 1966," CEPR Discussion Papers 2932, C.E.P.R. Discussion Papers.
    6. Olaf Unteroberdoerster & Roberto Pereira Guimarães, 2006. "What’s Driving Private Investment in Malaysia? Aggregate Trends and Firm-Level Evidence," IMF Working Papers 06/190, International Monetary Fund.

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