by Jim Rose in development economics, economic history, growth miracles Tags: South Korea, The Philippines

About 20 years ago, Robert Lucas reminded that in 1960 the Philippines and South Korea were at the same level of economic development. What followed for one was an economic miracle while the other the other grew at the same average pace as other developing countries is the central puzzle for the economics of economic growth.

Source: The Conference Board. 2015. The Conference Board Total Economy Database™, May 2015, http://www.conference-board.org/data/economydatabase/



Source: Robert E. Lucas Jr. “Making a Miracle” Econometrica (1993).