Understanding Economic Growth

To grow or not to grow is in large measure a matter of choice. It is also a matter of justice, for those who usually pay the highest price for the economic growth that did not take place are the poor. This book discusses old and new research showing that many of the most important determinants of economic growth are clearly within the purview of economic policy. Liberalization, stabilization, privatization, and education are good for growth. The government has an important role to play-and, indeed, responsibility-in all of these areas. It takes a government to privatize, for one thing.

The theory and empirical evidence of economic growth around the world have developed rapidly in recent years. This book is an attempt to provide an accessible, nontechnical account of this development by blending economic growth theory with empirical evidence and applications to economic policy. The book is intended primarily for students of economics and business administration as well as for business managers, economists, journalists, politicians, public officials, and others who are interested in understanding economic growth.