Notes on Krugman's Article on Myth of Asian Miracle

Bhagwati, Jagdish N.

These notes have been written, in view of repeated questions put to me about the subject matter by economists in Asia and journalists there as well, so as to go with my Cornell paper, "The Miracle That Did Happen: Understanding East Asia in Comparative Perspective." I had argued there that there was indeed a miracle, contrary to what Krugman had argued. I restate and add to some of the arguments there, especially as the recent financial and economic crisis has created the illusion that this shows that Krugman was right in claiming that the "mythical" miracle would in any case drown under "diminishing returns."



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August 25, 2009