The current debate regarding the robustness of estimates of export demand and supply elasticities for NIEs is examined by modelling manufactured exports from Korea. The results suggest that normalisation of the export demand function for price rather than quantity is an important issue in...

This paper applies the theory and insights of Maurice Scott¡¯s New View of Economic Growth (1989) to challenge the analysis and conclusions of Alwyn Young¡¯s widely acclaimed paper, ¡±The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience¡±...

Economist's thinking about the role of international trade in the process of economic development exhibits a cyclical behaviour. The classical thinking, which held sway until the 1930s, emphasized the crucial role of trade in promoting growth through the optimal allocation of resources made...

The purpose of this paper is to examine the theoretical rationale underlying the growth of footloose, import-dependent industry observed in many of the most successful developing countries (Hong Kong, Taiwan, S. Korea, for example). A second objective is to develop empirical formulations...

It is well documented that the structure of tariffs in industrialized countries affords the greatest protection to relatively (unskilled) labor-intensive branches of industry (Constantopoulos3 1974 and references therein). Since we know from the Stolper-Samuelson theorem that this implies an...

The general consensus in recent literature on development economics is that outward-looking strategies are likely to create more employment opportunities in labour abundant countries than inward-looking strategies. The reasons generally given to support this contention are (i) that...

Hong Kong is an interesting case study of economic development for two reasons: (1) the Colony is one of the few successful cases of industrialization and economic development among contemporary less developed countries; and (2) it closely resembles and is in fact a last remnant of the...