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The Growth Report and New Structural Economics / Monga, Celestin
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Monga, Celestin
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Achieving Shared Growth.
- Business cycles.
- Classical economists.
- Development economics.
- Economic Growth.
- Economic growth.
- Economic historians.
- Economic performance.
- Economic Theory & Research.
- Economics.
- Economists.
- Financial crisis.
- Fiscal policies.
- GDP.
- Growth projections.
- Growth theory.
- Inequality.
- Living standards.
- Macroeconomic analysis.
- Macroeconomics and Economic Growth.
- Moral responsibility.
- National income.
- Per capita income.
- Political Economy.
- Poverty Reduction.
- Wealth.
- Wealth creation.
- Local Subjects:
- Achieving Shared Growth.
- Business cycles.
- Classical economists.
- Development economics.
- Economic Growth.
- Economic growth.
- Economic historians.
- Economic performance.
- Economic Theory & Research.
- Economics.
- Economists.
- Financial crisis.
- Fiscal policies.
- GDP.
- Growth projections.
- Growth theory.
- Inequality.
- Living standards.
- Macroeconomic analysis.
- Macroeconomics and Economic Growth.
- Moral responsibility.
- National income.
- Per capita income.
- Political Economy.
- Poverty Reduction.
- Wealth.
- Wealth creation.
- Physical Description:
- 1 online resource (25 pages)
- Place of Publication:
- Washington, D.C., The World Bank, 2010
- System Details:
- data file
- 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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