The Growth Report And New Structural Economics [book]

Celestin Monga, Justin Yifu Lin
2010 Policy Research Working Papers  
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)
more » ... y and violence) that ignore boundaries and contribute to global insecurity, thinking about new ways of generating This paper-a product of the Office of the Vice President, Development Economics-is part of a larger effort in the department to revisit strategies for achieving sustainable growth in developing countries. Policy Research Working Papers are also posted on the Web at http://econ.worldbank.org. The author may be contacted at research@worldbank.org. 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.
doi:10.1596/1813-9450-5336 fatcat:k4eisuomwvcn3n72e2geywx4ni