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Unified Growth Theory Contradicted by the Economic Growth in Asia

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  • Ron W Nielsen

Abstract

Historical economic growth in Asia (excluding Japan) is analysed. It is shown that Unified Growth Theory is contradicted by the data, which were used (but not analysed) during the formulation of this theory. Unified Growth Theory does not explain the mechanism of economic growth. It explains the mechanism of Malthusian stagnation, which did not exist and it explains the mechanism of the transition from stagnation to growth that did not happen. The data show that the economic growth in Asia was never stagnant but hyperbolic. The alleged dramatic takeoff around 1900 or around any other time did not happen. However, the theory contains also a dangerous and strongly-misleading concept that after a long epoch of stagnation we have now entered the epoch of sustained economic growth, the concept creating the sense of security. The opposite is true. After the epoch of sustained and secure economic growth we have now entered the epoch of a fast-increasing and insecure economic growth.

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  • Ron W Nielsen, 2015. "Unified Growth Theory Contradicted by the Economic Growth in Asia," Papers 1512.05074, arXiv.org, revised Feb 2016.
    • Handle: RePEc:arx:papers:1512.05074
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    References listed on IDEAS

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    1. Oded Galor & Omer Moav, 2002. "Natural Selection and the Origin of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(4), pages 1133-1191.
    2. Oded Galor, 2011. "Unified Growth Theory and Comparative Development," Rivista di Politica Economica, SIPI Spa, issue 2, pages 9-21, April-Jun.
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