The East Asian miracle revisited

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  • #Four Asian


  • #In the same vein, Kim and Laucomparing the sources of economic growth in these countries with those of Germany, France, Japan, the United Kingdom, and the United States, found that by far the most important source of economic growth in these countries [the Four Tigers] is capital accumulation, accounting for between 48 and 72 percent of their economic growth, in contrast to the case of the Group of Five East asian miracle economies countries, in which technical progress has played the most important role, accounting for between 46 and 71 percent of their economic growth. As the foregoing consideration suggests, the labor and capital accumulation versus East asian miracle economies factor productivity debate remains inconclusive.

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