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International DevelopmentIdeas, Experience, and Prospects$
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Bruce Currie-Alder, Ravi Kanbur, David M. Malone, and Rohinton Medhora

Print publication date: 2014

Print ISBN-13: 9780199671656

Published to Oxford Scholarship Online: April 2014

DOI: 10.1093/acprof:oso/9780199671656.001.0001

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Fifty Years of Growth Economics

Fifty Years of Growth Economics

Chapter:
(p.50) Chapter 3 Fifty Years of Growth Economics
Source:
International Development
Author(s):

Shahid Yusuf

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199671656.003.0004

The global economy has enjoyed more than a half-century of unprecedented economic growth and a growth ideology is firmly entrenched in advanced and developing countries alike. It is the axis for policy making and is buttressed by a wealth of theorizing and empirical research on the sources of growth and how these can be mobilized by dint of policy making and institution building. But with policy-makers now demanding growth that is sustainable, green, and inclusive, growth economics must enlarge the menu of practical policy options so as to: enable countries to increase capital investment embodying advances in (green) technology; improve education delivery in order to enhance the quality of human capital, increase employability, and arrive at equitable outcomes; and implement vital institutional reforms to yoke and temper market forces. Growth economics is in great demand but arguably overdue for a “scientific revolution” to accommodate new demands.

Keywords:   total factor productivity, endogenous growth, green growth, human capital, technology gap, general-purpose technologies, demand management, performance metrics

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