The Growth Report and New Structural Economics
25 Pages Posted: 20 Apr 2016
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: Suggested Citation
Do you have negative results from your research you’d like to share?
Recommended Papers
-
New Structural Economics: A Framework for Rethinking Development
-
Growth Identification and Facilitation: The Role of the State in the Dynamics of Structural Change
By Justin Y. Lin and Celestin Monga
-
Development Strategy, Viability, and Economic Distortions in Developing Countries
By Justin Y. Lin and Feiyue Li
-
FDI from BRICs to LICs: Emerging Growth Driver?
By Misa Takebe and Montfort Mlachila
-
By Manuel R. Agosin, Christian Larrain, ...
-
Post-Macroeconomics - Reflections on the Crisis and Strategic Directions Ahead
-
The Contribution of Chinese FDI to Africa's Pre Crisis Growth Surge
By Aaron Weisbrod and John Whalley