Long-Run Growth and Public Policy

Vito Tanzi

Chapter 7 in Social Capability and Long-Term Economic Growth, 1995, pp 142-156 from Palgrave Macmillan

Abstract: Abstract Eighty years ago, Joseph A. Schumpeter summarized his view of the factors that lead to economic growth as follows: The slow and continuous increase in time of the national supply of productive means and savings is obviously an important factor in explaining the course of economic history through the centuries, but it is completely overshadowed by the fact that development consists primarily in employing existing resources in a different way, in doing new things with them, irrespective of whether those resources increase or not ... Different methods of employment, and not saving and increases in the available quantity of labour, have changed the face of the economic world in the last fifty years’.1

Keywords: Income Distribution; Import Substitution; Conspicuous Consumption; National Supply; Black Market Exchange Rate (search for similar items in EconPapers)
Date: 1995
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DOI: 10.1007/978-1-349-13512-7_7

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