The growth ideology is well accepted in countries around the world thanks to more than a half-century of unprecedented economic growth in the global economy. It is the axis for policy making. Further reinforcement comes from extensive theorizing and empirical research on the sources of growth, and the role of policy making and institution building in the process. However, as the pressures for a sustainable, green, and inclusive growth escalate, policy-makers demand practical policy options that enable countries to: boost capital investment embodying advances in (green) technology; improve education delivery in order to enhance the quality of human capital, increase employability, and arrive at equitable outcomes; and implement vital institutional reforms to control market forces. Growth economics is in great demand but arguably overdue for a “scientific revolution” to accommodate new demands.
— Suggested Readings
Aghion, Philippe, and Peter Howitt. (2009). The Economics of Growth. Cambridge, MA: MIT Press.
Glover, David. (2010). Valuing the Environment Economics for a Sustainable Future. Ottawa: IDRC.
Glover, D. & International Development Research Centre (Canada). (2010). La valeur de l'environnement: Faire appel à l'économie pour forger un avenir sous le signe de la durabilité. Ottawa : Centre de recherches pour le développement international.
Karier, Thomas. (2010). Intellectual Capital: Forty Years of the Nobel Prize in Economics. Cambridge, UK: Cambridge University Press.
Romer, Paul. (2008). “Economic Growth,” in The Concise Encyclopedia of Economics.
Warsh, David. (2006). Knowledge and the Wealth of Nations. New York: Norton.
Weil, David. N. (2012). Economic Growth. (3rd edition). London: Prentice Hall.