Factors Behind the Asian Miracle: Entrepreneurship, Education and Finance

Richard Nelson and Howard Pack

Chapter 7 in Finance, Research, Education and Growth, 2003, pp 105-132 from Palgrave Macmillan

Abstract: 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.

Keywords: Human Capital; Production Function; Physical Capital; Factor Price; Modern Sector (search for similar items in EconPapers)
Date: 2003
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-4039-2023-2_7

Ordering information: This item can be ordered from
http://www.palgrave.com/9781403920232

DOI: 10.1057/9781403920232_7

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().