The East Asian Miracle - Summaried Notes - The East Asian...

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The East Asian Miracle Economic Growth and Policy A World Bank Policy Research Report A. Key Ideas & Overview -- Miracles: some phenomena or occurrences cannot be explained scientifically by causal relationship. -- Myth: some accepted beliefs or stories that may not necessitate scientific explanation. -- This paper intends to explain relationship between government, the private sector, and the market, and how such relationship bring about economic growth of East Asia countries. -- Thus an understanding of different Government Policies and market forces is crucial here to explain economic growth of this region. -- Key forces driving the growth: accumulation of physical and human capitals -- Physical capital: reliance of modern technology -- Human Capital: education -- Categories: HPAEs (High Performing Asia Economies) -- Japan: hyper growth country -- Four Tigers: Hong Kong, Korea, Taiwan and Singapore -- Newly Industrialised Economies (NIEs): Indonesia, Thailand and Malaysia --Implication of Growth: -- more equal income distribution: Gini Coefficient -- improvement of life expectancy -- improvement of other social-economic indicators: like education -- Engines of Growth: increase of private investments ( physical capital) and growth of human capital -- Private Investments: strong financial savings and technology
-- Human Capital: population growth rate declines, better education of workforce, efficient public administration -- Supporting factors of Growth: sound macroeconomic management and policies

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