This paper deals with the steps what a nation must be prepared to take in order to sustain its economic growth rate when it enters the advanced stage. It is expected that a nation’s growth rate will decline as it enters the advanced stage, according a theory which the author introduces in this paper. It would be effective to avoid the obstacles if they know the kind of obstacles they might face in the advanced stage. Once the obstacles that hinder economic growth are engraved in institutions, it would be difficult to change the nature of existing institutions to remove the obstacles. But if one tries to avoid the forthcoming obstacles, it would be easier to minimize the effect of the obstacles. The author posits that this theory would be helpful to some of Asian nations, which are ready to enter the advanced stage or have just begun to enter the advanced stage.
Economic Theory | Growth and Development | International Economics
Kim, Paul, "A New Economic Growth Theory: An Obstacle to Economic Growth" (2014). Economics Papers and Presentations. Paper 4.