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Letters to the Editor
climate of stability and subsidizing and more
complex explanations. My hypoth
coordinating private investment decisions. esis is that the tigers' growth has been
We do not fully understand why East driven by inputs. Part of the point behind
Asia's interventionist approach did not "TheMyth of Asia's Miracle" is the prin
lead to the often disastrous results that ciple of Occam's razor, which holds that
recapitulate the whole sad Soviet story up, or the finding that South Korea "was
to find that a useful caution. essentially just keeping pace" and that
Let me make three points on the sub Indonesia, and Singapore
Malaysia,
stance of the argument. First, many corre have actually fallen behind?
aminimalist
spondents complained that the "growth Given how much story of
accounting" framework is too simplistic. input-driven growth?that is, increased
it is always a good strat on
Surely, however, expenditure capital goods and labor?
one should
egy to approach any issue by seeing how explains about Asian growth,
one can aminimalist
much explain with be cautious about attributing long lists of
then should one turn to additional virtues to the Asian economies.
hypothesis; only
(issn 00157120), March/April 1995, Volume 74, Number 2. Published six times
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