Economic Groth. Ho It Works And Ho It Transformed The World [Hardcover]

We wish to understand how economic growth works. We start with the history of economic performance over the past 2000 years, working out which countries have enjoyed sustained growth and, most important, how they did it. We look at the effects of growth the good and the bad. The benefits of growth, in terms of life, health, education, leisure, opportunities and enjoyment, have been enormous; the bads, we show, can be managed by appropriate policies. Then we pull all the growth mechanisms together so as to extend the conventional theory of economic growth, to explain the causes as well as the results of growth. The extended theory focuses on markets and industries; it shows how new products pull the economy along a continuing growth path. Demand features product design, marketing, credit and the consumer society - are central to this process. At the same time, supply expansion, from investment and productivity gains, sustains the growing demand as well as increases incomes. In the right conditions, demand and supply come together to generate continuing growth. Economic Growth offers a new view of the growth process, unique in its combination of historical depth, intellectual rigor and practical relevance. Its insights will interest academic and professional economists, while its comprehensive treatment and lucid explanations make it an excellent handbook for everyone interested in economic growth.