The Growth Report and New Structural Economics
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, a...
| Main Authors: | , |
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| Format: | Policy Research Working Paper |
| Language: | English |
| Published: |
2012
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| Subjects: | |
| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100608001655 http://hdl.handle.net/10986/3821 |
| Summary: | 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. |
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