Economic studies on East Asia economies in general and Chinese
economies are not lacking. However, most studies hitherto adopt the
conventional neo-classical economic approach. In particular, the
Cobb-Douglas production function and/or theory of comparative
advantage are often applied to explain economic growth of an Asian
economy. In international business, Dunning's eclectic theory is
also widely adopted to understand the pattern of foreign direct
investments in East Asian economies. Yet it is generally agreed
that the mainstream neo-classical approach has severe drawbacks and
limitations. In particular, it does not consider the role of
knowledge and uncertainty. Entrepreneurship, which is the true
engine of growth, is largely missing in neo-classical economics.
This book uses the evolutionary approach to analyse economic and
business activities in East Asian economies. Specifically, the book
focuses on knowledge and coordination problems and examines the
role of entrepreneurship in economic affairs.
General
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