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The Asian Miracle and Modern Growth Theory

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  • Nelson, Richard R
  • Pack, Howard

Abstract

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.

Suggested Citation

  • Nelson, Richard R & Pack, Howard, 1999. "The Asian Miracle and Modern Growth Theory," Economic Journal, Royal Economic Society, vol. 109(457), pages 416-436, July.
  • Handle: RePEc:ecj:econjl:v:109:y:1999:i:457:p:416-36
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    References listed on IDEAS

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    1. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 407-443.
    2. Abramovitz, Moses, 1986. "Catching Up, Forging Ahead, and Falling Behind," The Journal of Economic History, Cambridge University Press, vol. 46(2), pages 385-406, June.
    3. Michael Hobday, 1995. "Innovation In East Asia," Books, Edward Elgar Publishing, number 226.
    4. Crafts, Nick, 1996. "'Post-neoclassical Endogenous Growth Theory': What Are Its Policy Implications?," Oxford Review of Economic Policy, Oxford University Press, vol. 12(2), pages 30-47, Summer.
    5. Abramovitz,Moses, 1989. "Thinking about Growth," Cambridge Books, Cambridge University Press, number 9780521333962.
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