"Power & Progress": Professor Daron Acemoglu
ROCKING OUR PRIORS
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The Importance of Timing in East Asia
East Asia industrialized at a time when it could use relatively labor intensive methods and still be competitive in global markets. But that avenue now seems foreclosed because automation is able to display its very cheap labor as in Bangladesh. They had the right institutions, which weren't great, but a little bit better than some of their peers,. Some fortunate policies, good human capital and good timing.
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