Instrument of Peace, Strength, Development and Prosperity. Role of Public Policy As the foregoing consideration suggests, the labor and capital accumulation versus total factor productivity debate remains inconclusive.
Hong Kong Monetary Authority. De Long and Summers sum up this view: Sustained efforts of veering East Asia into a capitalist direction has created remarkable outcomes in terms of resilience, dynamism, growth, and economic prosperity. Export policies have been the de facto reason for the rise of these Four Asian Tiger economies. Lucas asked, "Is there some action a government of India could take that would lead the Indian economy to grow like Indonesia's or Egypt's?
The increase in mercantile activities contributed to the rise of commercial farming, which transformed rural Joseon life. Archived from the original on 4 September Because of these unanswered and perhaps unanswerable questions, the results of studies that emphasize the contribution to growth of capital and labor and depreciate that of technology should not be regarded as definitive. Concluding Remarks The recent literature on the East Asian growth experience has sparked an intense intellectual debate. Until the early 19th century, the economies of East Asia together was larger than today's high-income economies combined measured in purchasing power parity terms. As a percentage of the growth rates of output per person, the productivity growth rates in these four economies are roughly similar to those in Japan and the United States.
International rankings Regions by GDP. Moreover, the imperial Japanese tax system was based on rice and it taxed peasants with rice and paid the salaries of high ranking government workers with it. Is growth the result for the most part of an accumulation of manpower and machinery, or is it the result of employing the latest technology?
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