We analyze and compare the patterns of economic growth and development in the Japan, the People's Republic of China, and the Republic of Korea in the postwar period. The geographical proximity and cultural affinity between the three countries, as well as the key role of the development state in...

This paper shows that because growth models in the tradition of Solow's and Romer's are framed in terms of production functions, they are equally subject to a criticism developed by, among others, Phelps Brown (1957), Simon (1979a), and Samuelson (1979). These authors argued that production...

Asia's rapid population aging fortifies the case for strengthening human capital investments. Further, the experience of the newly industrialized economies suggests that human capital investments will be a vital ingredient of the transition from middle income to high income. Those investments...

In the past 10 years, the service sector has been a significant contributor to overall economic growth in Bangladesh, Cambodia, Nepal, Papua New Guinea, Uzbekistan, and Viet Nam. Sector growth has been supported by strong industrial growth in some while in others the critical factors have been...

We apply a stochastic frontier production model to data from 53 countries during 1991-2003 to estimate total factor productivity growth, and decompose it into technical efficiency change and technical progress. Our empirical results indicate that world productivity growth was led by fast-growing...

Entrepreneurship, or the activity of starting and running a business, is a vital ingredient of economic growth and development. Entrepreneurs contribute to innovation, and they are central to dynamic Schumpeterian competition and broader economic dynamism. In this paper, we contribute to the...

While there are growing concerns about population aging, some studies explore the possibility that population aging can give rise to a silver dividend that contributes to economic growth (ADB 2019). While the demographic dividend refers to the increase of the working-age population, the silver...

Developing Asia has benefited greatly from the rise of the People’s Republic of China (PRC), primarily through the trade channel. The PRC and its neighbors have collectively formed a regional production network, and the PRC is becoming an increasingly important source of final demand. Two...