Core_economic_principles[1]

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1、Coreeconomicprinciples–marketbasedcompetition,appropriateincentives,stablemacroeconomicenvironment,roleofhighsavings,positivetechnologicalprogress,andsoon–donotnecessarilyimplyasetofuniquegoodpolicies.Policymakershaveconsiderableleveragetoproduceefficientcountryspecificpoliciestoenhanceecon

2、omicgrowthAbstractDiversecountriesindifferenthistoricalstageshavedistinctcharacteristicsandrequireappropriatepoliciestomaintaintheirowneconomicdevelopment.Beingendowedwithparticularresources,suchasland,labour,physicalcapital,technology,andeachcountryintheirstepsofdevelopmentunavoidablymeetw

3、ithbothdomesticandinternationalconstraintswhichrequirethepoliciesofdevelopmentvaryovertime.Theempiricalregularitiesthatcharacterizetherelationshipbetweencoreeconomictheoriesandsoundpoliciesinthepastfivedecadesisworthyofresearching.Thispapertakeeffortstoarguethatnotaspecificpolicypackageisco

4、rrespondentwithsuchdominatedeconomicrationaleslikemarket–basedcompetition,appropriateincentives,stablemacroeconomicenvironment,roleofhighsavings,positivetechnologicalprogressandsoon.ByintroducingtheendogenousgrowthmodelwiththeexamplesseveralEastAsiacountriesaswellaslessonsfromChinawithincon

5、text,showhowthepolicyplannerscouldmakedifferentreactionsinenhancingtheeconomy.1.IntroductionAsincreasinglyboomingandpowerfularethedevelopingcountriessuchasChina,India,andSouthKorea,economicdevelopmenthasbecomeperhapsthecriticalissueonthepolicyagendas.Consideringthedifferentendowmentsbetween

6、countries,theeconomicsgrowthofeachsectiondoesnotsharethesamedeterminants,inspitethatseveraleconomicindicatorshavethesamemeasurements(Forexample,intheneo-classicaleconomicmodel,thetotaloutputisdeterminedbylabourandcapitalinput).However,howdidChinagrowsorapidlywithoutrobustmarket–basedcompeti

7、tionandlowerleveloftechnologyprogress?HowdidSouthKoreajoinintotheteamofdevelopedcountrieswithscarceresourcesandwereexternalcapitaldependent?HowdidIndonesiasuccessfullyexperienceeconomicprosperityeventhoughitsinstitutionalarrangementispoor?Althoughthestor