The East Asian Miracle: Four Lessons for Development Policy

  title={The East Asian Miracle: Four Lessons for Development Policy},
  author={J. Page},
  journal={NBER Macroeconomics Annual},
  pages={219 - 269}
  • J. Page
  • Published 1994
  • Economics
  • NBER Macroeconomics Annual
Four public policy lessons of the East Asian miracle are examined. The argument is made that eight East Asian economies can be distinguished from other developing countries on the basis of three common characteristics-rapid, persistent, and shared growth. A growth accounting exercise based on cross-country data indicates that while accumulation was the primary source of growth, total factor productivity (TFP) change was also significant. Macroeconomic stability and broad-based education are… Expand