The Role of Government in the Economic Development of the East Asian Learning Economies

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Tony Fu-Lai Yu School of Economics and Management, University College, University of New South Wales- Australia

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By emphasizing uncertainty, this paper highlights two important roles of government in the economic development of the Asian Newly Industrializing Economies, namely, coordination and entrepreneurship. Coordination can be achieved by adopting policies that reduce market uncertainty, facilitate investment decision, social learning and diffusion of technologies from overseas. Entrepreneurship refers to the ability of a state to be alert to change, identify global opportunities, and define productivity and competitiveness of an economy. The Austrian notions of entrepreneurship and coordination thus enter the study of the public sector to re-interpret the role played by government in the economic development of the East Asian economies.

Tony Fu-Lai Yu School of Economics and Management, University College, University of New South Wales- Australia

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* Email: yu@adfa.edu.au; fax: +612.6268 8450; tel.: +612.6268 8841

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