Comments on “Government and Market in Economic Development†by Cho Soon

Helen Hughes

Asian Development Review (ADR), 1994, vol. 12, issue 02, 166-177

Abstract: The paper by Cho Soon (1994) covers several themes central to the economics of development and thus is wide-ranging. Cho stresses that rapid growth in Asia is not a miracle but the result of appropriate policies and hard work. His conclusions are much more incisive than the recent World Bank’s The East Asian Miracle (1993), which seems to argue that government intervention is desirable if it works! Cho’s exposition is so excellent that it requires little comment. Therefore, the issues to be highlighted here focus on the four principal themes cutting across the paper: uncertainty and markets, the role of government, macroeconomic stability, and microeconomic efficiency. The conclusion will include a few remarks about the emerging “Asian development culture†.

Date: 1994
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DOI: 10.1142/S0116110594000138

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