What Is an Economic Miracle? A Concept Without a Definition
No. 59, May-Jun. 2026 What does it take for an economy to be called a “miracle”? Is it rapid growth, institutional strength, resilience to shocks, or simply the ability to outperform expectations? The term is used with striking confidence in policy debates and public discourse. Yet despite its popularity, economists have never agreed on what constitutes an economic miracle. More
