Labor and capital, known collectively as the "factors of production," refer in this context to the workforce and to the capital goods buildings, machines, vehicles that the workforce uses in manufacturing some product or providing some service.
A further problem is that of averages.
Reflecting this, Hong Kong and Singapore show a high degree of openness both during and at the beginning of the same period. Then, it is only natural that those industries with the more advanced technology can compete in the international markets and can increase their quantity of exports.
De Long, J. The importance of this question could hardly be exaggerated. China was also Korea's maritime partner, having a long history dating back thousands of years when ancient Korea commenced trade with ancient China through the Shandong Province through the Yellow Sea route.
In the case of Hong Kong, Korea, and Taiwan Province of China, their growth rates of total factor productivity are as outstanding as their output growth rates. In this case, increased saving rates are caused by increased growth rates, and not vice versa.
Due to the Chinese civil war that led Chiang Kai-Shek to retreat to Taiwan from Mainland China to escape Mao Zedong and the Communists, 2 million Chinese refugees and soldiers flooded the island inducing widespread poverty and chaos. As the inflow of coins from Ming China disrupted in the latter half of the Japanese economy during the 16th century, rice, gold and silver served as a medium of exchange and evaluating monetary value.