The Growth Report and New Structural Economics

25 Pages Posted: 20 Apr 2016

See all articles by Justin Y. Lin

Justin Y. Lin

Peking University - China Center for Economic Research

Celestin Monga

World Bank - Research Department

Date Written: June 1, 2010

Abstract

Despite its heavy human, financial, and economic cost, the recent global recession provides a unique opportunity to reflect on the knowledge from several decades of growth research, draw policy lessons from the experience of successful countries, and explore new approaches going forward. In an increasingly globalized world where fighting poverty is not only a moral responsibility but also a strategy for confronting some of the major problems (diseases, malnutrition, insecurity and violence) that ignore boundaries and contribute to global insecurity, thinking about new ways of generating and sustaining growth is a crucial task for economists. This paper reassesses the evolution of knowledge on growth and suggests a new structural approach to the analysis. It offers a brief, critical review of lessons learned from growth research and examines the remaining challenges -- especially from the policy standpoint. It highlights how the 2008 Growth Commission Report identifies the stylized facts associated with sustained and inclusive growth. And it explains how the new structural economics provides a consistent framework for understanding the key findings of the Report.

Keywords: Economic Theory & Research, Achieving Shared Growth, Economic Growth, Political Economy, Inequality

Suggested Citation

Lin, Justin Yifu and Monga, Célestin, The Growth Report and New Structural Economics (June 1, 2010). World Bank Policy Research Working Paper No. 5336, Available at SSRN: https://ssrn.com/abstract=1623714

Justin Yifu Lin (Contact Author)

Peking University - China Center for Economic Research ( email )

No. 38 Xueyuan Road
Haidian District
Beijing, Beijing 100871
China

Célestin Monga

World Bank - Research Department ( email )

1818 H Street, N.W.
Washington, DC 20433
United States

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