Technological Change in the Industrial Growth of Hong Kong
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In two decades, Hong Kong has transformed from an entrepôt to an industrial economy. The record of its industrial growth is the envy of many a developing nation. From 1962–70, for which years the necessary data are obtainable, the gross industrial output of Hong Kong increased at an annual average rate of 16·2 per cent. The corresponding growth rates for industrial employment and labour productivity are 10·3 and 5·5 per cent respectively.
KeywordsTechnological Change Labour Productivity Capital Accumulation Technical Progress Initial Investment
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- 4.For a detailed account of the two indices, see E. Domar, ‘on the Measurement of Technological Change’, Economic Journal (December 1961), pp. 710–26. Whereas Solow and Johansen use the geometric index, Abramovitz, Kendrick, Denison and Domar use the arithmetic index. See R. Solow, ‘Technical Change and the Aggregate Production Function’, Review of Economics and Statistics (August 1957), pp. 312–20; L. Johansen, ‘A Method for Separating the Effects of Capital Accumulation ahd Shifts in Production Functions upon Growth in Labour Productivity’, Economic Journal (December 1961), pp. 775–82; M. Abramovitz, ‘Resource and Output Trends in the United States since 1870’, American Economic Review (May 1956), pp. 5–23; J. Kendrick, Productivity Trends in the United States (Princeton, 1961); E. Denison, The Sources of Economic Growth in the United States and the Alternatives before Us (New York: Committee for Economic Development, 1962)Google Scholar