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Sm Miracle Neo Miracle


Sm Miracle Neo Miracle

Recent empirical studies by the World Bank [1993], Sarel [1995],Thomas and Wang [1996], Klenow and Rodriguez-Clare [1997], and Hsieh [2002]show that total factor productivity (TFP) growth was an important contributorto the rapid and sustained economic growth in East Asian economies. However,Krugman [1994], Kim and Lau [1994], Young [1992, 1995], and Collins andBosworth [1996] have shown that the economic miracles of these countries canbe sufficiently explained by factor accumulation, i.e., labor and capital.The implication of the findings is that such spectacular performance wouldnot be sustainable in the long run due to little progress in TFP. While theconflicting findings can partly be ascribed to the different methodologiesapplied, industry aggregation, variable adjustments or data sources, low TFPgrowth for East Asian economies is most likely to be due to miscalculation offactor shares, which play a significant role in determining the extent ofproductivity growth. In most cases, the growth rate of capital input oftenexceeds that of labor input, the higher capital share implies lower TFPgrowth.

From a policy perspective, the assessment of TFP growth isimportant as it serves as a guide for allocating resources and investmentdecision making. Another feature of the studies that have questioned the roleof TFP progress in the East Asian economic miracle is that they predominantlyfocus on the performance of the overall economy and pay little attention tomanufacturing industries. Therefore, the main objective of this paper is tore-examine the impact of net indirect taxes and imperfect competition on TFPgrowth with an application to 16 Taiwan's manufacturing industries overthe 1979-1999 period. Although earlier TFP studies on Taiwan'smanufacturing sector have examined TFP growth at the industrial level,including Chen and Tang [1990], Okuda [1994], Hu and Chan [1999], Liang andJorgenson [1999], and Fare et al. [2001], none have taken into account theimpact of net indirect taxes and imperfect competition to measure TFP growth.As a result, the studies miscalculate factor shares resulting in lowestimated TFP growth due to the failure to take account of net indirect taxesand market imperfection. Other TFP studies, e.g., Young [1995], Chuang[1996], and Timmer and Szirmai [2000], have investigated TFP growth for theoverall manufacturing sector without distinguishing individual industries.

Those concerned with economic growth and development generallyagree that TFP growth plays an important role in the process. Under theframework of growth accounting, economic growth is traditionally attributedto growth in factor inputs and change in TFP; hence, some of the earlier TFPliterature suggest the economic miracle in East Asia was predominantlyachieved by factor accumulation in the absence of significant TFP progress.In reality, previous TFP growth estimates in East Asia were understated to alarge extent because they were based on miscalculated factor shares. Theresults of earlier TFP studies may be fragile if estimated factor shares didnot take into account the impact of market imperfection and net indirecttaxes. Therefore, this study reexamines 16 manufacturing industries in Taiwanover the period 1979-1999 using growth accounting and the modified factorshares approach. The findings are summarised as follows.

Magic, religion, astrology, alchemy, theurgy, miracle, divinationall of these phenomena characterize the context and practice of ancient Christianity. This course examines the constitution of these categories, the role and character of these phenomena in the Graeco-Roman world, and the interaction with and integration of these phenomena by ancient Christianity.

Eventually this changed when, since the 1980s, Pentecostals developed a scholarship that redefined a Pentecostal hermeneutic in line with the way early Pentecostals viewed and interpreted the Bible.4 The Cleveland School, consisting of the work of John


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