Growth Commission report released

Growth Commission has released its reporton what drives growth in economies. It is chaired by Michale Spence and has congregated some great minds together. It has top academia like Bob Solow and policymakers/ practitioners like MS Ahluwalia as Commissioners.

Plus it has brought together great economists together each contributing how their respective fields can contribute to growth. See the Working Papers, Workshop section as well.

The press release has some quotes. Michale Spence provides hope:

 “At a time when industrialized countries are experiencing a sharp slowdown in growth, many of the world’s poorest countries have found growth to be elusive. It is our belief, however, that sustained, high growth can be explained and repeated,”

 The Growth Report also kills off once and for all the misguided notion that you can lift people out of poverty in the absence of growth. Growth can spare people en masse from poverty and drudgery. And with India needing to grow at a fast pace for another 13-15 years to catch up to where China is today, and China having another 600 million people in agriculture yet to move into more productive employment in urban areas, growth will lift many more people out of poverty in the coming decades.

What a timing for this report to be released! It has come at a time when the world is facing crisis of basic necessity – food. The report has some advice for food crisis:

Actions recommended by the Report to combat food price rises (once the current emergency situation is dealt with) include an end to export bans; more effective safety nets and redistribution mechanisms to protect people vulnerable from sudden shifts in prices; and a revitalization of infrastructure investment for agriculture. The Report also urges that policies that favor bio fuels over food be reviewed and, if necessary, reversed and that reserves and inventories be accumulated to relieve temporary shortages. 

Anyways, it should be a nice read. It will provide a good review of what has worked and what hasn’t in different countries.

2 Responses to “Growth Commission report released”

  1. » Growth Commission report released Says:

    […] Debt Consolidation wrote an interesting post today onHere’s a quick excerpt Growth Commission has released its reporton what drives growth in economies. It is chaired by Michale Spence and has congregated some great minds together. It has top academia like Bob Solow and policymakers/ practitioners like MS Ahluwalia as Commissioners. Plus it has brought together great economists together each contributing how their respective fields can contribute to growth. See the Working Papers, Workshop section as well. The press release has some quotes. Michale Spence provides h […]

  2. Yet another search of Holy Grail « Mostly Economics Says:

    […] 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 […]

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