This paper takes as its point of departure the claim in the literature that strong Asian growth performance is accounted for largely by the accumulation of factor inputs (financial savings and human capital accumulation). This stands in sharp contrast to Polanyi’s (1944) interpretation of...

This paper discusses the welfare and one time growth effects from the intersectoral labour transfers that typically accompany early industrialization in the developing countries, suggesting that endogenous determination of effort is key to evaluating their significance. The significance of these...