How does economic growth work? Beginning with the history of leading
countries over the past 2000 years, Economic Growth finds which
countries have achieved sustained growth and how they did it. The
effects of growth are examined on a human scale. The benefits of growth
are enormous in terms of life, health, education, leisure and
opportunity, while the downsides can be managed by appropriate policies.
Economic Growth develops a new theory of growth. This new theory is
based on careful analysis of actual growth; it covers the causes and
mechanisms as well as the results of growth. This new theory extends
conventional theory by operating at the industry level and by placing
demand considerations at the forefront of growth. Demand growth - based
on product innovation, marketing, credit and the consumer society -
drives the economy forward while supply growth - based on investment and
process innovation - sustains the growth in spending and incomes. Growth
is not automatic but, in the right conditions, demand and supply
expansion work together to generate sustained growth. Economic Growth
offers a new view of growth, unique in its combination of historical
depth, intellectual clarity and practical relevance. Its original
insights will interest academic and professional economists, while its
comprehensive treatment and lucid explanations make it an excellent
guidebook for anyone interested in economic growth.
