Literature argues that the source of growth for high-tech industries emanates from technological progress, while that for low-tech industries comes from technical efficiency improvement. Also, some empirical studies have shown that technological progress is often accompanied by deterioration in...

Although it has been previously accepted that Hong Kong, Japan, Korea, Singapore, and Taiwan have achieved the 'economic miracle' of maintaining high economic growth for several decades prior to the Asian financial crisis, recent literature has now cast doubt upon this economic supposed success....