Economic Growth’s Many Recipes
Strategies for economic development have always been dominated by comprehensive visions about transforming poor societies. But the key lesson of the last half-century is that policymakers must focus on their societies' immediate, binding constraints and seek sequential, cumulative change rather than a single, all-inclusive breakthrough.
CAMBRIDGE, MA. -- Development “big think” has always been dominated by comprehensive visions about transforming poor societies. From the so-called “Big Push” to “Balanced Growth,” from the “Washington Consensus” to “Second Generation Reforms,” the emphasis has been on wholesale change.