What has luck got to do with economic development? An interpretation of resurgent Asia's growth experience.
J Policy Model
; 26(3): 373-385, 2004 Apr.
Article
em En
| MEDLINE
| ID: mdl-32287528
ABSTRACT
This paper critically reexamines the belief, currently gathering strength in the literature, that economic development depends on good luck rather than on good policy, and that Prometheus is "unchained by chance". While it is impossible to disprove the role of luck in growth, we argue that luck is endogenous, and good luck is a function of good policy. Luck favours those who strive. Again contrary to common belief, we show that resurgent Asian economies have endured more, not less, than their fair share of economic volatility. They learned their lessons by success and failures, and luck is endogenous through learning-by-investing.
Texto completo:
1
Coleções:
01-internacional
Base de dados:
MEDLINE
Tipo de estudo:
Health_economic_evaluation
Idioma:
En
Revista:
J Policy Model
Ano de publicação:
2004
Tipo de documento:
Article