China roots its strategy in the work of Friedrich List, a classical economist, who argues that government intervention is important to an economy's growth. ... It is worth noting that FDI from developed countries are the primary source of fund in large-scale capital- and technology-intensive projects in China. ...
Japan is one of the world's leading powers, second only to the United States in terms of economic and technological advancement. It is also a fascinating country with a long history, rich culture and a keen sense of global citizenship. Japan is a country that has evolved from an agricultural, sub-standard industrial society to one of the world's most advance, industrial and technological countries in the world. It is also one of the closest allies and most important economic partners of the U.S. The scale of Japan's growth is easy to demonstrate but understanding the reason i...
Was the British entrepreneur the most important single reason for the relative decline of the British economy in the late nineteenth century? Despite a continued growth of production and wealth in absolute terms, the economy of "the first industrial nation" began to decelerate after 1870, in comp...
As Simon (1979a) pointed out in his Nobel Memorial lecture, the good fits to the Cobb-Douglas production function "cannot be taken as strong evidence for the classical theory, for the identical results can readily be produced by mistakenly fitting a Cobb-Douglas function to data that were in fact generated by a linear accounting identity (value of output equals labor cost plus capital cost)". ...
