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?
Economic Miracle Growth Performance Economic Order Institutional Factors of Growth Expectation Equilibrium