TFPG Controversies, Institutions and Economic Performance in East Asia

Abstract

Most economists would agree that there are major lessons to be drawn for other countries from East Asia’s growth experience. But what these lessons are remains subject to considerable debate. The role of macroeconomic stability and human resources is uncontroversial. The contributions — positive or negative — made by industrial policy, and by government interventions more broadly, are hotly contested. Even there, however, there is some convergence of views on the proposition that, whatever the economic merits of industrial policy, the institutional context in which interventions were carried out in East Asia resulted in fewer by-product distortions than might otherwise have been the case. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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