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How did Labor, Capital, and Technological methods boost east asian economy around the 1960's. Give an...

How did Labor, Capital, and Technological methods boost east asian economy around the 1960's. Give an example of each.

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During the 1960's East Asian Economy recorded the highest growth of around 7% and it remained constant for a long period of time. All the four countries, that is, China, Japan, North Korea and South Korea developed into big economies. This was due to increased labor productivity, Capitla growth and advancements in technological methods. Moreover, it was capital formation and technological advancements which played the major role. There was multi-tier division of labor and these countries were highly industrialized. Investement into capital formation grew significantly and thereby lead to a boost in GDP.

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