ECON 455 Lecture 6 Growth accounting and structural change

ECON 455 Lecture 6 Growth accounting and structural change...

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1 1 Econ455: Economic Development in China Lecture 6: January 29 Growth accounting and structural change Sandra Poncet Lorch Hall, room 207 Email: [email protected] Office Hours: Mondays 16:30-18:30 & Wednesdays 10:30-12 __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________
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2 2 Undeniable rapid economic growth in China Ongoing debate about the true nature of China’s growth: -reliability of the statistics -just one-time recovery from the chaos of Mao's later years -some argue that most growth is driven by input with only modest growth in efficiency (Krugman, 1994; Young, 2003): ‘Perspiration' versus 'inspiration' . Ongoing debate about the sustainability of China’s growth: -is growth due to a one-time transition from agriculture to more productive sectors? -is capital quality also improving or is that just pilling up? -is China’s growth autonomous (independent of external markets)? Introduction ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________
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