I wrote an article in Mint which summarises my thoughts over the recently released Growth Commission report. Understanding growth for economists is like understanding Holy Grail for the historians. And in both cases we see wide diverse views.
Hence, the search continues and you keep seeing newer papers/reports to understand what leads to growth and development with more new reasons. Some reasons are also recycled from the earlier dumped reasons and the search continues. So, what to expect in future:
Development economics is still a very fertile subject and, despite wide-scale efforts, we still do not know much. It is much like the Dan Brown best-seller—The Da Vinci Code—where we have lots of clues and codes (the growth factors) to lead us to the Holy Grail (what leads to growth). We will surely need a Robert Langdon to put the entire story together. But let us first have the clues and codes together.
September 8, 2008 at 2:33 pm |
[...] policies as we see in growth and institutions literature. After much discussion we have come to the conclusion that no single formula works. Each economy is different and a result central bank would have to [...]