Economic growth that is based on expansion of inputs, rather
than on growth in output per unit of input, is inevitably subject
to diminishing returns.
.......Even without going through the formal exercise of growth
accounting, these numbers should make it obvious that Singapore's
growth has been based largely on one-time changes in behavior that
cannot be repeated. ....
Read the whole article here:
http://web.mit.edu/krugman/www/myth.htmlÂ