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The growth report and new structural economics

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  • Lin, Justin Yifu
  • Monga, Celestin

Abstract

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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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5336.

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Date of creation: 01 Jun 2010
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Handle: RePEc:wbk:wbrwps:5336

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Keywords: Economic Theory&Research; Achieving Shared Growth; Economic Growth; Political Economy; Inequality;

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References

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Citations

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Cited by:
  1. Hickey, Sam, 2013. "Beyond the Poverty Agenda? Insights from the New Politics of Development in Uganda," World Development, Elsevier, Elsevier, vol. 43(C), pages 194-206.
  2. Lin, Justin Yifu & Treichel, Volker, 2011. "Applying the growth identification and facilitation framework : the case of Nigeria," Policy Research Working Paper Series, The World Bank 5776, The World Bank.
  3. World Bank, 2010. "Belarus - Industrial Performance Before and During the Global Crisis : Belarus Economic Policy Notes : Note No. 2," World Bank Other Operational Studies 2908, The World Bank.
  4. World Bank, 2013. "Pakistan : Finding the Path to Job-Enhancing Growth," World Bank Other Operational Studies 15979, The World Bank.
  5. Christina Wieser, 2011. "Determinants of the Growth Elasticity of Poverty Reduction. Why the Impact on Poverty Reduction is Large in Some Developing Countries and Small in Others," WIFO Working Papers, WIFO 406, WIFO.

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