1. Application: High Performing Asian Economies

2. Per capita Growth Differences Time Period 1966-90 High performance Asian economies (HPAE) refers to: Singapore, Hong Kong, Thailand, Indonesia, Taiwan, Malaysia, Korea.

3. Economic Growth OECD refers to Organization of Economic Cooperation and Development. This includes the world’s 24 richest economies. High performance Asian economies (HPAE) are: Singapore, Hong Kong, Thailand, Indonesia, Taiwan, Malaysia, Korea.

4. Education in HPAE Education is the engine of TFP growth Primary is till eighth grade and secondary is high school Source: Alwyn Young, ‘The Tyrrany of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience’, Quarterly Journal of Economics, 1995

5. Expenditures on Education The HPAE’s focused on primary education, whereas other focused on higher education. Source: World Bank

6. Income Inequality Fell

7. High Investment

8. Current Account in HPAE

9. Key Message Education, Openness, Property Rights Protection TFP growth Investment boom, Real GDP growth and Rise in per-capita Income Greater wealth is created