The Asian Miracle and Modern Growth Theory

Richard Nelson and Howard Pack

Economic Journal, 1999, vol. 109, issue 457, 416-36

Abstract: This article argues that the rapid growth in a number of Asian economies that occurred between 1960 and 1996 was accompanied by a major change in the structure of their economies including shifts in the size of firms and the sectors of specialization. These changes were a fundamental component of the growth process. While capital accumulation was an important source of growth, its productive assimilation was a critical component of the success of these economies. Estimates of the contribution of total factor productivity to aggregate growth that neglect these phenomena may lead to erroneous estimates.

Date: 1999
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Working Paper: The Asian miracle and modern growth theory (1998)
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