Publication Type
Working Paper
Version
publishedVersion
Publication Date
7-2003
Abstract
This paper critically reexamines the belief, currently gathering strength in the literature, that economic development depends on good luck rather than on good policy, and that Prometheus is “unchained by chance”. While it is impossible to disprove the role of luck in growth, we argue that luck is endogenous, and good luck is a function of good policy. Luck favours those who strive. Again contrary to common belief, we show that resurgent Asian economies have endured more, not less, than their fair share of economic volatility. They learned their lessons by success and failures, and luck is endogenous through learning-by-investing.
Keywords
Asia, Luck, Growth, Learning-by-investing
Discipline
Asian Studies | Growth and Development
Research Areas
Macroeconomics
First Page
1
Last Page
21
Publisher
SMU Economics and Statistics Working Paper Series, No. 15-2003
City or Country
Singapore
Citation
LEUNG, Hing-Man; TAN, Swee Liang; and YANG, Zhenlin.
What has luck got to do with economic development? An interpretation of resurgent Asia's growth experience. (2003). 1-21.
Available at: https://ink.library.smu.edu.sg/soe_research/1183
Copyright Owner and License
Authors
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Comments
Published in Journal of Policy Modeling, 2004, https://doi.org/10.1016/j.jpolmod.2004.02.003