Human Capital, Trade and Public Policy in Rapidly Growing Economies argues that only two centuries ago, no society had ever enjoyed sustained growth in living standards. The contributors to this book aim to discover why the world today exhibits a predilection for perpetual self-improvement.
In particular, the book focuses on the forces underlying long-lasting growth in East Asia's Newly Industrialized Countries (NICs). Drawing from the experiences of Hong Kong, South Korea, Singapore and Taiwan, it questions whether public policy can contribute to removing barriers towards accumulation of wealth, and if so, what development policy should be put in place to remedy the existing distortions or market failure problems.
Theoretical and empirical analyses are also used to broach other important issues, such as:
* Why do some economies experience growth while others decline?
* What are the major determinants of long-term growth and development?
* Is human capital the main driving force?
* Does international trade play a crucial role?
This book will appeal to those with an interest in development and public policy.
Edited by Michele Boldrin, Washington University, St. Louis, US, Been-Lon Chen, Institute of Economics, Academia Sinica, Taiwan and Ping Wang, Washington University, St Louis, US
Contents: Foreword 1. Introduction: A Quick Reference to Growth Theory Part I: Human Capital 2. Market Structure and Innovation Revisited: Endogenous Productivity, Training and Market Shares 3. Human Capital Formation and Patterns of Growth with Multiple Equilibria 4. On the Relationship Between Fertility and Public Education in Different Stages of Development 5. Productivity Growth and Catch-up in Less-developed Economies Part II: Trade 6. Total Factor Productivity and the Catching-up Process 7. Indeterminacy in a Dynamic General Equilibrium Model of International Trade 8. Evaluating the Quantitative Effects of Import Restrictions - An Almost Neoclassical Benchmark 9. Innovation in a Shrinking World Part III: Public Policy 10. Long-run Effects of Financial Policy in an Endogenously Growing Economy 11. Credit Rationing, Public Borrowing and Endogenous Growth 12. Government Expenditure and Social Status in a Two-sector Model of Endogenous Growth 13. Economic Growth and the Environmental Kuznets Curve in Taiwan: A Simultaneity Model Analysis Index