Inside the Black box: Policies for Economic Growth
Growth in income per capita is or should be a central objective of economic policy. This paper explores how the economy generates economic growth and what is actually going on in an economy when it does so. It describes economic growth as a fine-grained path-dependent process driven by entrepreneurs and involving transformation of the productive structure and the generation of new knowledge and capabilities. It concludes that, while the market is essential for organising economic activity, government intervention is necessary for markets to work effectively, and especially for them to work effectively in generating economic growth. The question then becomes not whether but how the government should intervene. The paper explores the nature of possible government interventions. It concludes that both broad-based policies (often thought of as framework or regulatory policies) and fine-grained policies (often thought of as facilitative or industry policies) have their place and that there is scope for action on both to improve New Zealand's economic performance.
|Date of creation:||Sep 2008|
|Contact details of provider:|| Postal: PO Box 1473, Wellington|
Fax: +64-4-473 4638
Web page: http://www.med.govt.nz/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Philippe Aghion & Nick Bloom & Richard Blundell & Rachel Griffith & Peter Howitt, 2005.
"Competition and Innovation: an Inverted-U Relationship,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 120(2), pages 701-728.
- Philippe Aghion & Nicholas Bloom & Richard Blundell & Rachel Griffith & Peter Howitt, 2002. "Competition and Innovation: An Inverted U Relationship," NBER Working Papers 9269, National Bureau of Economic Research, Inc.
- Howitt, Peter & Griffith, Rachel & Aghion, Philippe & Blundell, Richard & Bloom, Nick, 2005. "Competition and Innovation: An Inverted-U Relationship," Scholarly Articles 4481507, Harvard University Department of Economics.
- Philippe Aghion & Nicolas Bloom & Richard Blundell & Rachel Griffith & Peter Howitt, 2002. "Competition and innovation: an inverted U relationship," IFS Working Papers W02/04, Institute for Fiscal Studies.
- Davis, Nick, 2006. "Business R&D, Innovation and Economic Growth: An Evidence-Based Synthesis of the Policy Issues," Occasional Papers 06/8, Ministry of Economic Development, New Zealand.
- Baumol, William J., 1996. "Entrepreneurship: Productive, unproductive, and destructive," Journal of Business Venturing, Elsevier, vol. 11(1), pages 3-22, January.
- Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 893-921, October.
- Hausmann, Ricardo & Rodrik, Dani, 2003. "Economic development as self-discovery," Journal of Development Economics, Elsevier, vol. 72(2), pages 603-633, December.
- Ricardo Hausmann & Dani Rodrik, 2002. "Economic Development as Self-Discovery," NBER Working Papers 8952, National Bureau of Economic Research, Inc.
- Hausmann, Ricardo & Rodrik, Dani, 2002. "Economic Development as Self Discovery," CEPR Discussion Papers 3356, C.E.P.R. Discussion Papers.
- Hausmann, Ricardo & Rodrik, Dani, 2002. "Economic Development as Self-Discovery," Working Paper Series rwp02-023, Harvard University, John F. Kennedy School of Government.
- Philip McCann, 2003. "Geography, Trade and Growth: Problems and Possibilities for the New Zealand Economy," Treasury Working Paper Series 03/03, New Zealand Treasury.
- John McMillan, 2004. "Quantifying creative destruction: Entrepreneurship and productivity in New Zealand," New Zealand Economic Papers, Taylor & Francis Journals, vol. 38(2), pages 153-173.
- John McMillan, 2004. "Quantifying Creative Destruction Entrepreneurship and Productivity in New Zealand," Working Papers 04_07, Motu Economic and Public Policy Research.
- McMillan, John, 2004. "Quantifying Creative Destruction: Entrepreneurship and Productivity in New Zealand," Research Papers 1863, Stanford University, Graduate School of Business.
- John McMillan, 2005. "Quantifying Creative Destruction Entrepreneurship and Productivity in New Zealand," Industrial Organization 0509006, EconWPA.
- Glenn Boyle, 2007. "Academic salaries: where angels fear to tread," Competition & Regulation Times 375800, New Zealand Institute for the Study of Competition and Regulation.
- World Bank, 2005. "Economic Growth in the 1990s : Learning from a Decade of Reform," World Bank Publications, The World Bank, number 7370, December.
- Daron Acemoglu & Simon Johnson & James A. Robinson, 2002. "Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution," The Quarterly Journal of Economics, Oxford University Press, vol. 117(4), pages 1231-1294.
- Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution," NBER Working Papers 8460, National Bureau of Economic Research, Inc.
- Lipsey, Richard G. & Carlaw, Kenneth I. & Bekar, Clifford T., 2005. "Economic Transformations: General Purpose Technologies and Long-Term Economic Growth," OUP Catalogue, Oxford University Press, number 9780199290895.
- Brian Loasby, 2005. "Entrepreneurship, Evolution and the Human Mind," Papers on Economics and Evolution 2005-13, Philipps University Marburg, Department of Geography.
- C. A. Hidalgo & B. Klinger & A. -L. Barabasi & R. Hausmann, 2007. "The Product Space Conditions the Development of Nations," Papers 0708.2090, arXiv.org.
- Smith, Keith, 2006. "Public Policy Framework for the New Zealand Innovation System," Occasional Papers 06/6, Ministry of Economic Development, New Zealand. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:ris:nzmedo:2008_008. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Hilary Devine)
If references are entirely missing, you can add them using this form.