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Title:Theories of economic miracles PDF Logo
Authors:Seliger, Bernhard
Issue Date:2010
Series/Report no.:Ordnungspolitische Diskurse 2010-01
Abstract:Studies into the Wealth of Nations have been the aim of economics since Adam Smith. However, the spectacular rise of some economies, beginning with industrializing England in the 18th century, has been of particular interest. England's rise has been as miraculous in the eyes of the observers as the rise of Germany and Japan from the ashes of World War II or the rise of South Korea from one of the poorest countries in the world to the league of OECD members in the second half of the twentieth century and later the rise of China. Nevertheless, to write about theories of economic miracles seems to be daring, since the architects of these miracles, like fervently Ludwig Erhard, flatly denied anything miraculous in the development of their respective economies. Modestly, they spoke of the natural result of liberalization or, in another case, getting the basics right. If this is the case, are there any ways to stellar economic performance to be emulated? Are there, more modestly, any lessons from the economic miracles of the past for the future development of other economies?
Subjects:Economic Miracle
Growth Performance
Economic Order
Institutional Factors of Growth
Expectation Equilibrium
Document Type:Working Paper
Appears in Collections:Ordnungspolitische Diskurse, OPO

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