Accumulation, Technical Progress, and Increasing Returns in the Economic Growth of East Asia
Jungsoo Park () and
Hang Ryu ()
Journal of Productivity Analysis, 2006, vol. 25, issue 3, 243-255
Adopting homothetic variable returns to scale functional specifications, this study identifies the returns to scale in the aggregate production functions of four East Asian newly industrialized economies–Hong Kong, Korea, Singapore, and Taiwan–and the Group of Five economies based on a maximum likelihood estimation. The study finds evidence of increasing returns in the early developmental stage of the East Asian economies. Separating out the scale contribution from the non-scale factor contributions, the decomposition of the sources of East Asian economic growth differs significantly from the conventional constant returns to scale results, indicating that the role of technical progress is overestimated when constant returns to scale is assumed. Copyright Springer Science+Business Media, LLC 2006
Keywords: East Asia; Economic growth; Homothetic production function; Increasing returns; Returns to scale; Total factor productivity; O47; D24; F43 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:kap:jproda:v:25:y:2006:i:3:p:243-255
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