《A tale of two cities - factor accumulation and technical change in Hong Kong and Singapore》.pdf

A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore Author(s): Alwyn Young Reviewed work(s): Source: NBER Macroeconomics Annual, Vol. 7 (1992), pp. 13-54 Published by: The University of Chicago Press Stable URL: /stable/3584993 . Accessed: 15/12/2011 06:56 Your use of the JSTOR archive indicates your acceptance of the Terms Conditions of Use, available at . /page/info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. The University of Chicago Press is collaborating with JSTOR to digitize, preserve and extend access to NBER Macroeconomics Annual. Alwyn Young SLOANSCHOOLOF MITANDNBER MANAGEMENT, A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore* 1. Introduction Recentyears have witnessed an enormous revival of interest in growth theory, stimulated in no small part by the development of innovative models of endogenous growth by Romer (1986, 1990), Lucas (1988), Grossman and Helpman (1991a,b),Jones and Manuelli (1990), Rebelo (1991), and Stokey (1988). The empirical implications of these models have been subjected to extensive regression analysis using cross- nationaldata sets (e.g., Barro1991;Levine and Renelt 1991).Almost no attempt has been made, however, to link these new theories to the empiricalexperienceof individual economies.1Case study analyses pro- vide both the author and the readerwith the opportunity to develop a rich understanding of the conditi