This is a good reference book. The authors present a comprehensive study and more importantly data on historical economic growth, developments in poplation quality, trade and financial sector. In the aftermath of 2008-09 Great Recession, the authors have relooked at the economic literature to draw out learnings and policy recommendations for a better global future. Slow economic growth and rising unemployment will be the reality in near time ahead. While trade has lifted out of poverty many people in the developing world, it had harmed quite a few in the developed nations. The recent backslash against globalization in Europe and USA draws our attention to be careful of this policy prescription -- more trade is certainly not pareto superior to the existing international economic structures. There has to be some focus on different measures of human well being, particularly health and education. There is a huge role of public institutions in generating better health and schooling outcomes -- but in the scarcity of govenmernt investment which who will pitch in is an open question. Demographic transitions are positioned to boost Asian economic growth, but this is hindered by corruption and nepotism which manifests Asian institutions. The authors have focussed quite a lot on financial development, the crux of which is that too much or too less of financial depth is harmful for the economy. Climate change will open a new box of problems which the most economies too short cited to realize and hence ill prepared.
I find it hard to believe that there is any recipe for development. There are crucial ingredients like good education system, citizen caring public governance, widespread health infrastructure, maintanance of law and order, competitive markets. But how the systems go together and in which order varies from country to country. Take India for example. We have half baked instutions and somehow we have managed to do okay. We may not have the technologically advanced manufacturing sector to make our lives better but we have an entrepreneuring services sector which is constant plugging gaps in the economy be it access to finance, improving roads, airways and other modes of transportation, delivery of goods for production and consumption, etc. The book gives us perspective on what is required for a better tomorrow, but it still has to be altered as per each country's own environments.
I find it hard to believe that there is any recipe for development. There are crucial ingredients like good education system, citizen caring public governance, widespread health infrastructure, maintanance of law and order, competitive markets. But how the systems go together and in which order varies from country to country. Take India for example. We have half baked instutions and somehow we have managed to do okay. We may not have the technologically advanced manufacturing sector to make our lives better but we have an entrepreneuring services sector which is constant plugging gaps in the economy be it access to finance, improving roads, airways and other modes of transportation, delivery of goods for production and consumption, etc. The book gives us perspective on what is required for a better tomorrow, but it still has to be altered as per each country's own environments.