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Are the Kaldor–Verdoorn Laws Applicable in the Newly Industrializing Countries?

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  • Vaishali Mamgain

Abstract

The Kaldor–Verdoorn “laws,” the focus of this work, are a set of stylized facts which attempt to describe growth in an economy. This paper tests these stylized facts using macroeconomic data from newly industrializing countries. Results show that high rates of growth of manufacturing do not translate to high productivity rates in Singapore, Indonesia, Thailand, and Mauritius, but they do so in South Korea. A negative relation exists for Malaysia. This work questions the operation of Kaldor’s laws in the context of globalization and suggests a revision of the laws.

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  • Vaishali Mamgain, 1999. "Are the Kaldor–Verdoorn Laws Applicable in the Newly Industrializing Countries?," Review of Development Economics, Wiley Blackwell, vol. 3(3), pages 295-309, October.
    • Handle: RePEc:bla:rdevec:v:3:y:1999:i:3:p:295-309
    DOI: 10.1111/1467-9361.00069
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    Cited by:

    1. Alejandro Rodríguez Arana, 2005. "Endogenous Growth and Comparative Standards of Living between Mexico and the US," DEGIT Conference Papers c010_035, DEGIT, Dynamics, Economic Growth, and International Trade.
    2. Lavopa, Alejandro & Szirmai, Adam, 2012. "Industrialization, employment and poverty," MERIT Working Papers 2012-081, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    3. Vassilis Monastiriotis, 2014. "Regional Growth and National Development: Transition in Central and Eastern Europe and the Regional Kuznets Curve in the East and the West," Spatial Economic Analysis, Taylor & Francis Journals, vol. 9(2), pages 142-161, June.
    4. Hacievliyagil Nuri & Eksi Ibrahim Halil, 2019. "A Micro Based Study on Bank Credit and Economic Growth: Manufacturing Sub-Sectors Analysis," South East European Journal of Economics and Business, Sciendo, vol. 14(1), pages 72-91, June.
    5. Francisco Garcia-Blanch, 2001. "An Empirical Inquiry into the Nature of South Korean Economic Growth," CID Working Papers 74A, Center for International Development at Harvard University.
    6. Bokosi, Fanwell Kenala, 2022. "The Effects of Industrialisation on Economic Growth: Panel data evidence for SADC countries," African Journal of Economic Review, African Journal of Economic Review, vol. 10(3), June.

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