With the proverbial benefit (and embarrassment!) of hindsight, it is clear that the patterns of growth that occurred over the last half-century were little understood and rarely (if ever) forecast by economists. At the very moment in the 1960s when Asia's tiger economies were beginning to take off, for example, the Nobel laureate Gunnar Myrdal, wrote his The Asian Drama to diagnose the causes of Asian poverty and to explain why its poverty appeared to be ineradicable.
With the proverbial benefit (and embarrassment!) of hindsight, it is clear that the patterns of growth that occurred over the last half-century were little understood and rarely (if ever) forecast by economists. At the very moment in the 1960s when Asia's tiger economies were beginning to take off, for example, the Nobel laureate Gunnar Myrdal, wrote his The Asian Drama to diagnose the causes of Asian poverty and to explain why its poverty appeared to be ineradicable.