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"This essay develops a theory of the evolution of international income levels. In particular, it augments the Hansen-Prescott theory of economic development with the Parente-Prescott theory of relative efficiencies and shows that the unified theory accounts for the evolution of international...
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This chapter develops a theory of the evolution of international income levels. In particular, it augments the Hansen–Prescott theory of economic development with the Parente–Prescott theory of relative efficiencies and shows that the unified theory accounts for the evolution of...
Persistent link: https://www.econbiz.de/10014023766
during the region’s early phase of growth and development. Second, human capital formation had a significant positive effect … more strongly in Asia than in the rest of the world. Third, innovation has also been critical in facilitating recent growth … in Asian economies. These results suggest that Asia’s capital-accumulation-driven growth in the early phase induced human …
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