The Dynamics of Economic Growth

The Dynamics of Economic Growth

Policy Insights from Comparative Analyses in Asia

Khuong Minh Vu

The advancement of a nation from poverty to prosperity is not a technical process but a great transformation. At the center of this change are two driving forces – emotion, which is referred to as aspiration, anxiety, and sense of responsibility; and enlightenment, which is associated with the freedom from dogmatism, open-mindedness, and the hunger for learning. It is these two factors that have determined not only the remarkable success of Asia in economic development but also the uniqueness of its growth model. This book examines the rise of Asia in the past two decades and draws lessons from its growth patterns.

Chapter 4: Sources of Developing Asia’s economic growth: insights from the standard growth accounting approach

Khuong Minh Vu

Subjects: asian studies, asian development, asian economics, asian politics and policy, development studies, asian development, development economics, economics and finance, asian economics, development economics, industrial economics, politics and public policy, asian politics

Extract

The previous three chapters depict the catching-up performance of Developing Asia and its rise in the global landscape during the past two decades. This chapter examines the sources of economic growth in the individual economies of the region to identify the key drivers of their economic performance. The chapter then analyses the growth gap between Developing Asia and the rest of the world to understand the sources of the region’s high economic performance in comparison to the non-Asian developing economies and the economies of developed countries. The chapter uses the neo-classical growth accounting framework to decompose the aggregate growth of an individual economy into the contribution of various inputs and the total factor productivity (TFP).

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