Chapter 14 Growth Strategies

摘要: This is an attempt to derive broad, strategic lessons from the diverse experience with economic growth in last fifty years. The paper revolves around two key arguments. One that neoclassical analysis a lot more flexible than its practitioners policy domain have generally given it credit. In particular, first-order principles – protection of property rights, market-based competition, appropriate incentives, sound money, and so on do not map into unique packages. Reformers substantial room for creatively packaging these institutional designs are sensitive local opportunities constraints. Successful countries those used this wisely. second argument igniting sustaining somewhat different enterprises. former requires limited range (often unconventional) reforms need overly tax capacity economy. latter challenge many ways harder, as constructing over longer term underpinning endow economy resilience shocks maintain productive dynamism. Ignoring distinction between tasks leaves reformers saddled impossibly ambitious, undifferentiated, impractical agendas.