Summary and Implications

Edward K. Y. Chen
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Edward K. Y. Chen: University of Hong Kong

Chapter 9 in Hyper-growth in Asian Economies, 1979, pp 179-186 from Palgrave Macmillan

Abstract: Abstract The focus of the present study has been on the morphology, causes, and effects of economic growth in the five fast-growing Asian economies. We began with a presentation of the contours of economic growth so that we could establish some bases for our later empirical analysis. Then we examined the trends of growth in output and factor inputs. We observed that during the period 1955–74, all of the selected economies experienced exceptionally high growth rates of 7.8 per cent to 9.5 per cent in real output and above 5 per cent in real income per capita. Indeed, in the late sixties and early seventies, growth rates had been above 10 per cent in most cases. Population growth in Japan was stable at the 1 per cent level throughout the period under study. On the other hand, population growth in the four other economies was at first relatively fast but slowed down in the later sub-periods. At the same time, the growth of the labour force in these four economies was also very rapid, due largely to the rapid increases in the labour participation rate. Generally speaking, during the period 1955–60, population grew faster than the labour force but the trend was generally reversed for the period 1960–74. This rapid increase in manpower resources played an important part in supporting the growth of the industrial sector. There was also a rapid growth in investment resulting in rapid growth in capital input for the economy. The high rates of growth in investment in these economies were due to the massive foreign capital inflows and/or high saving rates.

Keywords: Technical Progress; Factor Input; Capital Inflow; Rapid Economic Growth; Price Mechanism (search for similar items in EconPapers)
Date: 1979
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DOI: 10.1007/978-1-349-04251-7_9

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