Gross Domestic Product and Gross Domestic Happiness: A Review of Asian Economic Development Models

Abstract

Comparative analysis of Gross Domestic Product (GDP) and Gross Domestic Happiness (GDH) is a strategic approach towards adding value to international economic modeling. Over the years, international economics studies have been carried on through the comparative analysis of exchange of goods and services among nations, using GDP as a measurement yardstick. Recently, many economists have started questioning the rationale of GDP measurement since most GDP growth often has not resulted in raising living standard, environmental improvement, and gross happiness of the citizens, especially some developing economies in Africa and Asia. This paper is an innovation in economic thought and will outline economic growth and development models that analyze Gross Domestic Products. It will analyze Flying Geese Model (FGM) of Asian economic development models developed by Japanese scholar, Kaname Akamatsu in 1930s as a key contributor to Asian Economic miracle. The paper will analyze important variables of GDP and GDH, using Unit Root Test, Co-Integration Tests , and Regression analysis with aim to find correlations and impacts of these variables in economic development of Japan. The finding is expected to prove that the Flying Geese Model is one of the sources of East Asian Economic miracle which took off from Japan and spread and still spreading to other Asian countries. Another economic innovative analysis included in the study is Confucian Capitalism which introduced morality as important variable in modern economic development analysis. The paper will conclude that Asian development models are strategic deviation from conventional economic models and that Gross Domestic.



Author Information
Ogbonna Onyeisi, Enugu State University of Science and Technology, Nigeria

Paper Information
Conference: ACAS2021
Stream: Japanese Studies

This paper is part of the ACAS2021 Conference Proceedings (View)
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