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Factors Behind the Asian Miracle: Entrepreneurship, Education and Finance

In: Finance, Research, Education and Growth

Author

Listed:
  • Richard R. Nelson
  • Howard Pack

Abstract

The debate about how to explain the ‘Asian miracle’ puts a spotlight on a more general theoretical debate about how to explain long-run economic growth. The broader debate is between theorists who, in effect, attempt to explain economic growth in a way that is consistent with the canons of general equilibrium theory, and theorists who argue that growth must be understood as an evolutionary process driven by technological advance. The former case is, of course, familiar; see Romer (1990) for a strong statement. The latter was articulated by Nelson and Winter (1982), and is in the spirit of Schumpeter’s well-known criticism of equilibrium theory as a vehicle for understanding economic growth.

Suggested Citation

  • Richard R. Nelson & Howard Pack, 2003. "Factors Behind the Asian Miracle: Entrepreneurship, Education and Finance," Palgrave Macmillan Books, in: Luigi Paganetto & Edmund S. Phelps (ed.), Finance, Research, Education and Growth, chapter 7, pages 105-132, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-2023-2_7
    DOI: 10.1057/9781403920232_7
    as

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