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Technology, Economic Growth and Crises in East Asia
This important book develops an evolutionary conception of growth in East Asia, in which technology, organizations and institutions interact and co-evolve to advance productivity. Episodic crises are seen as disruptions which bring to the fore structural and institutional flaws that need reform. The author begins with a thorough analysis of the neo-classical theory of technical change and shows that it fails to capture crucial aspects of the various learning processes involved. He goes on to develop a comprehensive framework for understanding technological progress. Productivity growth is seen as deriving from knowledge hard-coded in equipment and structures, and soft-coded in human skill, organizations and institutions that guide economic activity. The role of exports in promoting faster growth is also examined, as are the channels of technological capability acquisition. This book will be welcomed by academics, policymakers, students, government bodies and business people interested in East Asian growth and in understanding technological change in general.
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What Reviewers Are Saying
'I think what the author is arguing is right on the money. He has written a fine book.' -- Richard R. Nelson, Columbia University, US 'This book is timely and comprehensive, reviewing and synthesising the burgeoning literature on the role of technology in economic growth very cogently and with insight. The author blends theory with reality very effectively, and provides the reader with a clear guide through the new jargon and concepts. The coverage is broad, and I am impressed with the way different strands of theory have been integrated, and then placed in the context of the Asian financial crisis.' -- The late Sanjaya Lall, Oxford University (at the International Development Centre at Queen Elizabeth House), UK 'This fine piece of work reveals important aspects of the East Asian Miracle which were completely misunderstood. First, the miracle was not as broad as some wanted to believe. The miracle countries were South Korea, Taiwan, Singapore, and Hong Kong; not the Southeast Asian countries (Thailand, Indonesia, Malaysia). Second, it shows the deep misunderstanding regarding the role that the assimilation and mastery of technology played in the development process of the region during the last thirty years. Clarifying this aspect is important in order to understand the sources of growth and development.' -- Jesus Felipe, Georgia Institute of Technology, US