In the 1990s in a series of influential papers economist Alwyn Young studied the growth experience of the newly industrialised countries in East Asia (Hong Kong, Korea, Taiwan Singapore). He concluded that the experience of Singapore and Hong Kong were very different. While Singapore grew by accumulation of inputs (its TFP growth rate was actually negative) Hong Kong had grown by a healthy growth in its TFP. Given what we have discussed in class, if you were provided this information what would you have predicted about the growth in these countries? Which one would be more sustained? Argue why by referring to concepts discussed in class