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Author: Robert W. Fogel
Publisher:
ISBN:
Category : Asia
Languages : en
Pages : 51
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Book Description
This paper, divided into seven sections, considers the development of economic growth theory in light of the spectacular advances of the economies of China, India, and Southeast Asia. Section 1 reviews the debate over the sources of technological change and the measurement of total factor productivity that emerged during the second half of the 1950s. Section 2, "Convergence and Divergence," deals with the closing of the economic gap between the U.S. and other OECD nations that existed after World War II and the increasing economic gap between OECD and Third World nations. Section 3, "The Asian Miracle," describes the new recognition among Western economists that the sustained, very rapid growth in China and Southeast Asia was changing the global economic balance. Section 4, "Endogenous Economic Growth," deals with the work of a group of mainly verbal theorists, including Simon Kuznets and T.W. Schultz, who sought to define social, political, demographic, religious, and ideological conditions that preceded the epoch of modern economic growth, which began in the late eighteenth or early nineteenth centuries. That line of thought was extended by more mathematical economists who studied the invention and modeled the diffusion of new technologies in agriculture (Zvi Griliches) and industry (Edwin Mansfield). Section 5, "Bridges between Two Cohorts of Theorists on Technological Change," compares the work of Griliches, Richard Nelson, and Dale W. Jorgenson, whose quantitative analysis of endogenous technological change spanned the period from the mid-1950s to the new cohort of growth theorists that emerged during the mid- to late-1980s. Section 6, "The Economic Historians," focuses on their investigations of the interrelationships of the evolution of social, economic, and political institutions and on findings about the impact of institutional changes on invention, innovation, the process of technological change, and economic growth. Section 7, "The Impact of the Asian Economic Miracle on Growth Theory," focuses on the theorizing about the likely impact of the rapidly expanding Asian economies on the shaping of the global economy over the next several decades.
Author: Robert W. Fogel
Publisher:
ISBN:
Category : Asia
Languages : en
Pages : 51
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Book Description
This paper, divided into seven sections, considers the development of economic growth theory in light of the spectacular advances of the economies of China, India, and Southeast Asia. Section 1 reviews the debate over the sources of technological change and the measurement of total factor productivity that emerged during the second half of the 1950s. Section 2, "Convergence and Divergence," deals with the closing of the economic gap between the U.S. and other OECD nations that existed after World War II and the increasing economic gap between OECD and Third World nations. Section 3, "The Asian Miracle," describes the new recognition among Western economists that the sustained, very rapid growth in China and Southeast Asia was changing the global economic balance. Section 4, "Endogenous Economic Growth," deals with the work of a group of mainly verbal theorists, including Simon Kuznets and T.W. Schultz, who sought to define social, political, demographic, religious, and ideological conditions that preceded the epoch of modern economic growth, which began in the late eighteenth or early nineteenth centuries. That line of thought was extended by more mathematical economists who studied the invention and modeled the diffusion of new technologies in agriculture (Zvi Griliches) and industry (Edwin Mansfield). Section 5, "Bridges between Two Cohorts of Theorists on Technological Change," compares the work of Griliches, Richard Nelson, and Dale W. Jorgenson, whose quantitative analysis of endogenous technological change spanned the period from the mid-1950s to the new cohort of growth theorists that emerged during the mid- to late-1980s. Section 6, "The Economic Historians," focuses on their investigations of the interrelationships of the evolution of social, economic, and political institutions and on findings about the impact of institutional changes on invention, innovation, the process of technological change, and economic growth. Section 7, "The Impact of the Asian Economic Miracle on Growth Theory," focuses on the theorizing about the likely impact of the rapidly expanding Asian economies on the shaping of the global economy over the next several decades.
Author: Robert William Fogel
Publisher:
ISBN:
Category : Asia
Languages : en
Pages : 51
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Book Description
This paper, divided into seven sections, considers the development of economic growth theory in light of the spectacular advances of the economies of China, India, and Southeast Asia. Section 1 reviews the debate over the sources of technological change and the measurement of total factor productivity that emerged during the second half of the 1950s. Section 2, "Convergence and Divergence," deals with the closing of the economic gap between the U.S. and other OECD nations that existed after World War II and the increasing economic gap between OECD and Third World nations. Section 3, "The Asian Miracle," describes the new recognition among Western economists that the sustained, very rapid growth in China and Southeast Asia was changing the global economic balance. Section 4, "Endogenous Economic Growth," deals with the work of a group of mainly verbal theorists, including Simon Kuznets and T.W. Schultz, who sought to define social, political, demographic, religious, and ideological conditions that preceded the epoch of modern economic growth, which began in the late eighteenth or early nineteenth centuries. That line of thought was extended by more mathematical economists who studied the invention and modeled the diffusion of new technologies in agriculture (Zvi Griliches) and industry (Edwin Mansfield). Section 5, "Bridges between Two Cohorts of Theorists on Technological Change," compares the work of Griliches, Richard Nelson, and Dale W. Jorgenson, whose quantitative analysis of endogenous technological change spanned the period from the mid-1950s to the new cohort of growth theorists that emerged during the mid- to late-1980s. Section 6, "The Economic Historians," focuses on their investigations of the interrelationships of the evolution of social, economic, and political institutions and on findings about the impact of institutional changes on invention, innovation, the process of technological change, and economic growth. Section 7, "The Impact of the Asian Economic Miracle on Growth Theory," focuses on the theorizing about the likely impact of the rapidly expanding Asian economies on the shaping of the global economy over the next several decades.
Author: Robert W. Fogel
Publisher:
ISBN:
Category :
Languages : en
Pages : 10
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Book Description
Author: Robert William Fogel
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 10
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Book Description
This paper addresses three issues related to the relative rates of growth in the United States, the European Union, and China during the four decades between 2000 and 2040. The first concerns the source of the factors which make it likely that China will continue to grow at a high rate for another generation. The paper argues that this growth will be the result of both favorable economic and political conditions. The second concerns the source of declining GDP growth in the original fifteen nations of the European Union. For these countries, the underlying cause is due in large measure to low fertility rates and an increase in the dependency ratio. The third issue is the projection of long-term U.S. growth in GDP at a rate of 3.7 percent per annum.
Author: Dora L. Costa
Publisher: University of Chicago Press
ISBN: 0226116344
Category : Business & Economics
Languages : en
Pages : 400
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Book Description
The conditions for sustainable growth and development are among the most debated topics in economics, and the consensus is that institutions matter greatly in explaining why some economies are more successful than others over time. This book explores the relationship between economic conditions, growth, and inequality.
Author: Richard R. Nelson
Publisher: World Bank Publications
ISBN:
Category : Capital investments
Languages : en
Pages : 51
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Book Description
February 1998 The policy differences between accumulation and assimilation growth theories may be much smaller than the conceptual or analytic differences. Can the Asian miracle be explained in terms of capital investments? Or were entrepreneurship, innovation, and learning significant factors in the rapid growth of the Asian tigers? In the past 35 years, China, Hong Kong, Korea, Singapore, and Taiwan (China) have transformed themselves from technologically backwards and poor economies to relatively modern, affluent economies. Each has experienced more than a fourfold increase in per capita income. In each, a significant number of firms are producing technologically complex products competitive with firms in Europe, Japan, and the United States. Their growth performance has exceeded that of virtually all comparable economies. How they did it is a question of great importance. Virtually all theories about how they did it place investments in capital stock at the center of the explanation. Nelson and Pack divide most growth theories about the Asian miracle into two groups: * The accumulation theories stress the role of capital investments in moving these economies along their production functions. What lies behind rapid development, according to this type of theory, is very high investment rates. If a nation makes the investments, marshals the resources, development will follow. * The assimilation theories stress the entrepreneurship, innovation, and learning these economies went through before they could master the new technologies they were adopting from more advanced industrial nations. They see investment in human and physical capital as an essential but far from sufficient part of assimilation. In addition, people must learn about, take the risk of operating, and come to master technologies and other practices new to the country, if not the world. The emphasis for assimilation theorists is on innovation and learning, rather than on marshalling. If one marshals but does not innovate and learn, development does not follow. These are complex theories that raise as many questions as they answer. Nelson and Pack discuss differences in the way the two groups of theorists treat four matters: * Entrepreneurial decisionmaking. * The nature of technology. * The economic capabilities possible with a well-educated work force. * The role exports play in a country's rapid development. The differences between the theories matter because they affect our understanding of why the Asian miracle happened and because they imply different things about appropriate economic development policy. This paper-a product of the Development Research Group-is part of a larger effort in the group to study the impact of public policy on growth.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 389
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Book Description
Author: Takatoshi Ito
Publisher: University of Chicago Press
ISBN: 0226386988
Category : Political Science
Languages : en
Pages : 324
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Book Description
The contributors to this volume analyze the growth experiences of Japan, Korea, China, Hong Kong, Singapore, and Taiwan in light of the recently developed endogenous growth theory to provide an understanding of the economic boom in East Asia. The theory explored in this volume attributes the phenomenal economic success of these countries to, among other factors, the role of an outward orientation—a focus on exporting rather than on protecting home markets. In addition, the importance of exchange rate behavior, of the supportive role of government policy, and of the accumulation and promotion of physical and human capital are explored in detail. This collection also examines the extent to which growth in each country became self-sustaining once it began. Demonstrating the relevance of endogenous growth theory for studying this important region, this fourth volume in the NBER-East Asia Seminar on Economics series will be of interest to observers of East Asian affairs.
Author: José Edgardo L. Campos
Publisher: Brookings Institution Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 224
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Book Description
"Easily the most informed and comprehensive analysis to date on how and why East Asian countries have achieved sustained high economic growth rates, this book] substantially advances our understanding of the key interactions between the governors and governed in the development process. Students and practitioners alike will be referring to Campos and Root's series of excellent case studies for years to come." Richard L. Wilson, The Asia Foundation Eight countries in East Asia--Japan, South Korea, Taiwan, Hong Kong, Singapore, Thailand, Malaysia, and Indonesia--have become known as the "East Asian miracle" because of their economies' dramatic growth. In these eight countries real per capita GDP rose twice as fast as in any other regional grouping between 1965 and 1990. Even more impressive is their simultaneous significant reduction in poverty and income inequality. Their success is frequently attributed to economic policies, but the authors of this book argue that those economic policies would not have worked unless the leaders of the countries made them credible to their business communities and citizens. Jose Edgardo Campos and Hilton Root challenge the popular belief that East Asia's high performers grew rapidly because they were ruled by authoritarian leaders. They show that these leaders had to collaborate with various sectors of their population to create an environment that was conducive to sustained growth. This required them to persuade the business community that their investments would not be expropriated and to convince the broader population that their short-term sacrifices would be rewarded in the future. Many of the countries achieved business cooperation by creating consultative groups, which the authors call deliberation councils, to enhance accountability and stability. They also obtained popular support through a variety of wealth-sharing measures such as land reform, worker cooperatives, and wider access to education. Finally, to inhibit favoritism and corruption that would benefit narrow interest groups at the expense of broad-based development, these countries' leaders constructed a competent bureaucracy that balanced autonomy with accountability to serve all interests, including the poor. This important book provides useful lessons about how developing and newly industrialized countries can build institutions to implement growth-promoting policies.
Author: Muhammad Ghulam Quibria
Publisher:
ISBN:
Category : East Asia
Languages : en
Pages : 112
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Book Description
