Why Standard Explanations are Insufficient

Khalid Malik

in Why Has China Grown So Fast For So Long?

Published in print September 2012 | ISBN: 9780198078838
Published online September 2012 | e-ISBN: 9780199081646 | DOI:
Why Standard Explanations are Insufficient

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Widely accepted neoclassical models lay out a set number of reasons for the progress of an economy. According to the neoclassical models, factor accumulation, factor reallocation, gains in productivity, establishment of property rights, and liberalization lead to enhanced long-term growth. These reasons and explanations are analysed in detail in this chapter. But none of them are able to explain China’s persistent progress. This chapter explains why orthodox theories are either inadequate or misleading in explaining the peculiar case of China. The problem lies, not in the uniqueness of China per se, but in the rigidness of neoclassical models.

Keywords: China; neoclassical; factor accumulation; factor reallocation; productivity; property rights; liberalization; total factor productivity; East Asia; hukou

Chapter.  8089 words.  Illustrated.

Subjects: Business and Management

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